AI crypto coins are experiencing a surge in value, with the market capitalization of the sector increasing by nearly 7% on Tuesday. Leading this rally are tokens like Artificial Superintelligence Alliance (FET) and Bittensor (TAO), both of which have seen double-digit gains.
It is worth noting that major announcements from prominent artificial intelligence companies, including Nvidia, Microsoft, Apple, Google, and OpenAI, have historically influenced activity in the AI coin trading space.
The Impact of iPhone 16 Features on FET and TAO
Tuesday saw FET and TAO taking the lead in the AI crypto rally, recording 10% gains. SingularityNET (AGIX) and Ocean Protocol (OCEAN) also saw significant increases of 9%. Other tokens such as Near Protocol (NEAR), Internet Computer (ICP), and Render (RNDR) experienced gains of around 5%. These collective surges have propelled the market capitalization of the AI crypto sector by 7%, currently standing at $22.22 billion according to CoinGecko data.
Source: CoinGecko
Further Reading: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
The recent excitement surrounding Apple’s new product release, the iPhone 16, which integrates AI functionalities, has played a pivotal role in these price movements. Notably, the A18 chip embedded in the iPhone 16 is tailored to enhance the performance of generative AI models, reflecting a broader industry trend towards AI integration.
“The next generation of iPhones is constructed with AI integration from the ground up,” noted Rowan Cheung, the brain behind the prominent artificial intelligence newsletter, The Rundown AI.
This innovation is a positive indicator for AI crypto coins, signaling increased acceptance and application of artificial intelligence technologies, which may lead to heightened interest in the sector.
The “Inverse Cramer” Phenomenon and Its Influence on AI Coins
Aside from the iPhone 16 developments, recent comments from Jim Cramer regarding Nvidia have also impacted the AI crypto market positively. The seasoned TV personality and host of CNBC’s Mad Money mentioned that he is anticipating a turnaround for Nvidia, sparking action among AI crypto traders and investors amidst uncertain market conditions.
It is interesting to note that Cramer’s nickname, the ‘Inverse Cramer’, stems from his uncanny ability to inadvertently drive up the value of assets he expresses skepticism towards. For instance, his endorsement of Silicon Valley Bank (SVB) stock led to a sharp decline in its value, highlighting the peculiar impact of his remarks.
Given the optimistic outlook surrounding both Apple’s iPhone 16 and Nvidia, the AI crypto sector is currently experiencing a wave of enthusiasm and potential growth.
