As Bitcoin, Ethereum and top coins pull back from fresh highs, market attention is shifting to focus on Artificial Intelligence (AI), with excitement building ahead of next week’s Nvidia GTC 2024 Conference – Here are 3 AI Crypto Coins to Watch.
Data from CoinMarketCap public that NEAR Protocol (NEAR), The Graph (GRT) and Fetch.ai (FET) are currently up 37%, 15% and 2% respectively in the last week of trading.
Notably, this resilience comes despite a broader market decline, with leading assets such as XRP reversing all gains made last week.
Bitcoin is also struggling for upward momentum after yesterday’s new all-time high at $37,373 – despite the rise in institutional demand.
On the other hand, the hope that Dencun will drive Ethereum above $4,000 and towards the 2021 all-time high of $4,900 is diminishing in the short term.
NEAR, FET and GRT led other AI crypto coins following Nvidia’s latest earnings call, with their revenue forecast beating analyst expectations.
After this, Nvidia stock prices soared, adding more than $1 trillion in value in 2024 alone – while the upward trend has slowed, the NVDA stock price remains up 122% as of October 2023.
3 AI Crypto Coins to Watch Ahead of Nvidia GTC 2024
As the AI narrative heats up ahead of the Nvidia GTC 2024 conference, crypto AI fans and investors are keeping a close eye on various tokens and coins in the weeks and months ahead, here are 3 of the top AI crypto coins to to look at this weekend.
#1 – NEAR Protocol (NEAR)
Like Ethereum, the platform supports smart contracts. However, it is more scalable, and developers can quickly deploy apps. The developers have created efficient architectures that can support the computationally intensive demands of AI applications. NEAR is up 620% from October 2023 and is trading at over $7.4.
#2 – The Chart (GRT)
The Graph (GRT) is a market-leading indexing protocol that provides a decentralized query solution as key infrastructure for much of the blockchain economy, giving rise to the popular nickname ‘the Google of blockchain’.
At a base level, The Graph enables blockchain networks to request, find and collect necessary information from across the crypto industry, and accordingly, there is a leading open infrastructure layer for dApps to query data.
GRT – the network’s utility and settlement token – could see major value appreciation, with prices expected to benefit from the AI boom as crypto AI dApps increasingly rely on accessible and secure data indexes to provide the datasets needed to train AI models and develop blockchain.
And amid the AI narrative, investors are taking note – since October 2023, BRT prices have risen 420% to over $0.39.
#3 – Fetch.Ai (FET)
Fetch.Ai is building a public blockchain that aims to power a machine learning network, to become the leading decentralized network for developers and customers to launch AI models (known as AI agents and AI micro-agents) from a safe and collaborative environment, driving innovation in the space.
Since October 2023, FET prices have risen +572% in the past year, and ahead of Nvidia GTC 2024, FET is trading at significant highs of over $2.5.
The bottom line: Nvidia GTC 2024 as catalyst for AI storytelling
Whether the upcoming Nvidia GTC 2024 conference will push crypto-AI prices even higher remains to be seen, however, it is clear that the current excitement surrounding the event has seen impressive gains – with countless AI cryptocurrencies emerging in the past days have reached the peaks.
In addition to key announcements and keynotes, the Nvidia GTC 2024 conference could also showcase the latest advances in AI – with markets anticipating major product unveilings that could catalyze price moves in the same way as OpenAI’s Sora video generator launch.
Moreso, important partnerships could be announced that could significantly impact crypto-AI projects and Nvidia – as blockchain increasingly becomes a hub for decentralized AI development.
Still, caution must prevail- market data show that investors think NVDA stock is now overvalued.
As a result, Nvidia is now the third most shorted stock, with $18.3 billion worth of capital betting on NVDA prices to fall in the coming weeks and months.
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Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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