Top Reasons Why AI Cryptocurrencies Will Dominate The Market Next

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AI Coins Trigger Crypto Market Rebound, What’s Happening? – Crypto News

Published

1 year ago

June 12, 2024

Dripp

In an unprecedented turn of events, AI coins have experienced a notable price rebound today, piquing investor interest globally. This follows recent attention-nabbing developments witnessed across the AI sector, encompassing advancements by Apple, Binance, Tether, AMD, and other giants. Intriguingly, following a considerable upside momentum gained by AI coins today, some of the top crypto prices gained in tandem. This sparked a flurry of inferences among crypto market participants over AI’s role in crypto price rebound.

AI Coins Rebound Amid Sluggish Market

It’s worth mentioning that the broader crypto market has been experiencing quite a bearish trend in recent days, with Bitcoin (BTC) & Altcoins witnessing a significant drop in prices. However, the AI sector’s remarkable progress and the growing speculation about the convergence of these two industries have led to a substantial rebound in AI coins’ value.

This is followed by a 3.21% surge in the global crypto market cap today after a bearish movement engulfed most crypto prices in the past 24 hours. Bitcoin, Ethereum, and BNB have gained an upside momentum in tandem with AI coins.

According to CoinMarketCap’s data, top AI coins NEAR Protocol (NEAR), Render (RNDR), and Injective (INJ) have noted a aignificant upside momentum at the time of writing. RNDR leads the pack with a remarkable 11.32% increase to $9.17, while NEAR and INJ experienced gains of nearly 6%-10%.

Simultaneously, Bitcoin gained over 3% to $69,7322, ETH jumped by 2.82% to $3,639, and BNB bumped 2.96% to $626 at press time.

Also Read: Shiba Inu Exec Warns Bearish Outcome As Apple Exits X Amid Elon Musk’s Heat

What’s The Scoop?

Senior crypto research analyst at Bitwise, Juan Leon, spotlighted that “The intersection of artificial intelligence (AI) and crypto is going to be even bigger than people imagine. The two industries could add a collective $20 trillion to global GDP by 2030.”

Aligning with this, the surge in AI coin & altcoins prices comes against the backdrop of attention-nabbing developments. These include:

Apple appears to have recently unveiled its AI, gearing up for the next stage of developments that taps into this emerging tech.
Binance Labs recently announced to invest in an AI-enabled zk rollup, Zircuit (L2).
Tether unveiled plans to invest over $1 billion in AI over the coming year.
AI chipmakers Nvidia & AMD pioneer the realm, simultaneously.
BTC miners look into diversifying ventures into AI, per recent reports.

These factors, collectively, underscore a strong relation between the rise in AI coins and crypto prices. The intersection of the two sectors, as seen by the abovementioned ventures, paves an optimistic path for both sectors.

Also Read: BitForex Hot Wallet Reactivated Holding $43M In Assets