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In the past 24 hours, major AI-related cryptocurrency tokens have demonstrated significant gains. Nvidia’s ascension to becoming the world’s most valuable company coincided with the market trajectory. Fetch.ai (FET) has spearheaded this rally with a remarkable 26.48% increase. Bittensor (TAO) followed closely with a 19% surge, while Render (RNDR) experienced a 13% gain. Other tokens, such as NEAR Protocol (NEAR) and Internet Computer (ICP), also saw positive movement, albeit with gains under 10%.

Nvidia Hits $136 Per Share, Drives AI Token Surge

On Tuesday, Nvidia achieved a historic milestone as its share price soared to over $136 by the close of trade. Therefore propelling the company to the pinnacle of global market valuation. This surge in Nvidia’s value has acted as a catalyst, igniting impressive performances among AI-related tokens. Fetch.ai (FET) has been particularly notable, with its price rising to $1.345345 and trading volume reaching $454.59 million in the last 24 hours. The token’s market capitalization now stands at $925.76 million, bolstered by a 14.10% price surge within the past day.

Fetch.ai Market Cap Hits $925.76M After 14.10% Surge

Technical analysis reveals positive signs for Fetch.ai (FET) amid market fluctuations. Jonathan Carter says the token exhibits an upward trend channel while maintaining stability at the 100-day moving average (MA 100). The Relative Strength Index (RSI) suggests an oversold condition, indicating potential for further gains.

Additionally, Crypto Leo highlights a notable response in Fetch.ai’s daily chart at a recent demand area, leading to a deviation. An engulfing pattern appears to be forming, which will be confirmed if the current day’s candle closes higher than yesterday’s wick. Volume Spread Analysis (VSA) points to a strong bullish trend, with the current candle’s size comparable to the previous day’s but formed with less effort, signifying increased buying activity and reduced selling pressure.

Fetch.ai Shows Bullish Trends, RSI Indicates Potential Gains

Besides Fetch.ai, Nvidia’s recent success has significantly influenced the AI token market. These tokens have shown impressive growth over the past year, with NEAR and RNDR each up around 300%, significantly outperforming ether, which has risen just over 100% during the same period. This trend reflects the high market interest in the AI sector, driven by Nvidia’s leadership.

However, cautionary voices suggest a potential overreaction in the market. Sergei Gorev, a risk manager at YouHodler, posits that Nvidia’s stock dynamics might stem from speculative enthusiasm rather than fully clear prospects. He parallels past market hype surrounding new technologies, such as 3D printers and electric vehicles, implying that the current excitement around AI might be similarly driven by speculative fervour.

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