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Bitcoin and Ethereum are both experiencing a pullback in their prices as traders begin to shift their focus towards cryptocurrencies related to Artificial Intelligence (AI). This Friday morning, traders in the crypto market are keeping a close eye on tokens associated with AI, following the surprising results from Nvidia. The leading cryptocurrency, Bitcoin (BTC), along with other altcoins with significant market capitalization, are facing a slight retreat as AI tokens gain momentum.
SingularityNET (AGIX), a digital asset that powers an “AI as-a-service” platform for sharing AI models, continues to show strength with a 2% increase today, reaching $0.071. Over the course of the week, this digital asset has seen gains of nearly 80%. Similarly, Render (RNDR), a crypto that powers a computing power marketplace for AI projects, has surged by 7.10% today to reach US$7.75. In the last seven days, it has recorded an increase of almost 40%. Filecoin (FIL), the native token of Filecoin, a decentralized peer-to-peer protocol for file storage, has also seen a notable jump of 9.10% to $8.15. Meanwhile, Worldcoin (WLD), a controversial cryptocurrency created by Sam Altman, has slightly dropped today but has gained an impressive 115.6% over the past week.
Grayscale, a digital asset manager, highlighted the outperformance of AI-related crypto assets, attributing it to the growing applicability and relevance of AI use cases on public blockchains. Despite the recent focus on Bitcoin due to the approval of spot BTC ETFs in the United States, the success of AI-related cryptocurrencies serves as a reminder of the expanding applications of AI beyond just a form of payment.
Regarding the two largest cryptocurrencies, Bitcoin and Ethereum, both are seeing a decline in prices today. Bitcoin is currently down by 1.60%, trading at US$51,008. However, traders are maintaining optimism towards Bitcoin, especially with the high trading volumes in US crypto spot ETFs that were recently introduced, and the upcoming halving event scheduled for April which will reduce the issuance of new BTC units by half.
Ethereum (ETH), which recently hit its highest price in nearly two years, is also experiencing a decrease in value today. Traders are optimistic about the future price of Ether due to the imminent launch of US-based ETFs offering direct exposure to the cryptocurrency.
On Wall Street, US futures indexes are trading lower today as investors engage in profit-taking following Nvidia’s rally that propelled American stock markets to new records. Dow Jones Futures is down by 0.06%, S&P 500 Futures has decreased by 0.09%, and Nasdaq Futures have dipped by 0.22%.
In conclusion, the cryptocurrency market is dynamic and constantly evolving, with traders closely monitoring shifts in trends and developments in various sectors such as AI. The rising popularity of AI-related cryptocurrencies serves as a clear indication of the ongoing innovation and diversification within the blockchain industry. As Bitcoin and Ethereum continue to play a significant role in the market, the emergence of new technologies and use cases will undoubtedly shape the future of digital assets.
