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Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, saw a pullback on Friday morning as traders shifted their focus towards AI-driven tokens. This movement in the market comes after Nvidia, a leading technology company, announced surprising results that stirred up interest in the AI sector.
One of the tokens benefiting from this trend is SingularityNET (AGIX), which provides an “AI as-a-service” platform for sharing AI models. AGIX saw a 2% increase in value, reaching $0.071. Over the course of the week, this digital asset has delivered impressive gains of nearly 80%.
Another token on the rise is Render (RNDR), which powers a computing power marketplace for AI projects. RNDR recorded a 7.10% increase on Friday, reaching $7.75. In the past week, the value of RNDR surged by almost 40%.
Filecoin (FIL), the native token of a decentralized file storage protocol, also experienced a significant jump in value, rising by 9.10% to $8.15. Additionally, Worldcoin (WLD), a controversial cryptocurrency created by Sam Altman, the prominent figure behind OpenAI and ChatGPT, saw a 115.6% increase in value over the week.
The surge in AI-related crypto assets serves as a reminder of the growing importance of AI use cases on public blockchains. Grayscale, a digital asset manager, highlighted this trend in a recent report, emphasizing the expanding applicability and relevance of AI beyond its traditional role in payment systems.
Despite the retreat in Bitcoin prices, which dropped by 1.60% to $51,008, traders remain optimistic about the cryptocurrency’s future prospects. The approval of spot BTC ETFs in the United States and the upcoming halving event in April, which will reduce the issuance of new Bitcoin units, have bolstered confidence in the market. Similarly, Ethereum (ETH), which recently achieved its highest price in almost two years, experienced a decline in value on Friday. However, traders are optimistic about Ether’s price trajectory, particularly with the impending launch of ETFs in the US that offer direct exposure to the cryptocurrency.
On Wall Street, US futures indexes are trading lower as investors engage in profit-taking following Nvidia’s rally, which propelled American stock markets to new records. Dow Jones Futures fell by 0.06%, S&P 500 Futures by 0.09%, and Nasdaq Futures by 0.22%.
The dynamic nature of the cryptocurrency market, with its constant fluctuations and emerging trends, underscores the importance of staying informed and adapting to new developments. As traders navigate the ever-changing landscape of digital assets, the rise of AI-driven tokens presents a unique opportunity for diversification and growth in a rapidly evolving market environment.
