Cryptocurrency experts name the main reason for the growth of digital tokens based on artificial intelligence

The artificial intelligence market has experienced an unprecedented surge in cryptocurrencies and traditional stocks, driven by Nvidia’s impressive earnings report and a broader market correction. The positive dynamics of the last month led to several AI-based tokens and stocks recording significant gains, despite the overall volatility of the cryptocurrency market.

AI token rally

AI-powered cryptocurrencies achieved a significant increase on February 21. Thus, Render (RNDR), The Graph (GRT), Fetch. ai (FET), and SingularityNet (AGIX) showed double-digit growth.

In particular, Render grew by 17% in 24 hours, and The Graph by 18%. The positive momentum follows a period in which the market capitalization of AI tokens more than doubled during the month, reaching $ 17.8 billion.

Nvidia’s influence

The surge in AI tokens can be attributed to Nvidia’s exceptional fourth-quarter earnings report, which exceeded market expectations. With revenues of $ 22.1 billion, Nvidia exceeded the $ 20.4 billion forecasted by Wall Street.

Nvidia’s positive performance was reflected in the cryptocurrency market, leading to new highs for several AI-oriented stocks. For example, shares of Taiwan Semiconductor Manufacturing Company (TSMC), a key supplier to Nvidia, rose by 2.05% in morning trading on February 21.

OpenAI’s contribution

The bullish sentiment for AI tokens was further boosted by OpenAI’s recent announcement of its text-to-video tool Sora on February 15. The event catalyzed the highest weekly trading volume of AI tokens in the past year, which underscores the growing interest and confidence in neural network-related technologies.