(20 June 2024, 09:46 AM IST):
On Thursday morning, Bitcoin continues its struggle to regain a bullish momentum, with its price dropping to $65,116, marking a 0.49% decrease over the past 24 hours. Despite Bitcoin’s bearish performance, several AI-focused cryptocurrencies, including Fetch AI (FET), SingularityNET (AGIX), and Akash Network (AKT), have shown remarkable gains, spurred by the AI boom and tech giant NVIDIA surpassing Microsoft and Apple in market capitalization.
Bitcoin and Ethereum Update
Currently, Bitcoin (BTC) is trading at a critical support level between $64,000 and $65,000, with a market cap of $1.28 trillion. The market is closely watching this range to see if Bitcoin can hold this support and potentially rebound.
Ethereum (ETH) is also experiencing a slight decline, down by 0.63% to $3,548. Ethereum’s market cap stands at $434 billion. Both Bitcoin and Ethereum’s movements are critical indicators for the overall health of the cryptocurrency market.
AI Cryptocurrencies Spark Impressive Gains
Despite the general bearish trend in the cryptocurrency market, AI-focused cryptocurrencies have shown significant resilience and impressive growth:
Fetch AI (FET): Fetch AI (FET) has seen the highest jump among the AI cryptocurrencies, soaring by 22.04% to reach $1.56. This surge has brought Fetch AI’s market cap to $1.32 billion. Fetch AI focuses on creating autonomous agent technology, which has gained considerable interest as AI continues to grow in prominence.
SingularityNET (AGIX): SingularityNET (AGIX) also recorded substantial gains, with its price increasing by 20.50% to $0.6401. The market cap of SingularityNET now stands at $823 million. SingularityNET aims to create a decentralized marketplace for AI services, making AI accessible and usable by a broader audience.
Akash Network (AKT): Akash Network (AKT) experienced a 10.48% increase in its price, reaching $3.22. The market cap for Akash Network is now $777 million. Akash Network provides a decentralized cloud computing marketplace, which is becoming increasingly relevant in the era of AI and big data.
The AI Boom and Its Impact
The recent surge in AI cryptocurrencies can be attributed to the overall boom in AI technology. NVIDIA, a major player in the AI tech space, recently surpassed Microsoft and Apple in market capitalization, highlighting the growing importance and potential of AI technologies. This has positively impacted AI-related cryptocurrencies as investors seek to capitalize on the growth and innovations within the AI sector.
As Bitcoin and Ethereum hold their ground at critical support levels, the performance of AI-focused cryptocurrencies offers a glimpse into the future potential of specialized digital assets. The market dynamics continue to evolve, and the interplay between traditional cryptocurrencies and emerging sectors like AI will be fascinating to watch.