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AI altcoins rally as Nvidia stock gains bullish momentum

ai-altcoins-rally-as-nvidia-stock-gains-bullish-momentum
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Markets
AI altcoins rally as Nvidia stock gains bullish momentum

Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN) have recorded impressive gains as the Nvidia stock price hikes. 

FET is up by 35% in the past 24 hours and is trading at $1.71 at the time of writing. The asset’s market cap is currently sitting at $1.43 billion, making it the 61st-largest cryptocurrency. Fetch.ai’s daily trading volume doubled over the past day, reaching almost $400 million.

AI altcoins rally as Nvidia stock gains bullish momentum - 1
FET, AGIX and OCEAN prices – June 20 | Source: Santiment

AGIX recorded a quite similar run. The AI token gained 29% in the past 24 hours and is trading at $0.68 at the reporting time. Its market cap is hovering close to the $900 million mark with a daily trading volume of $176 million.

The third partner of the Superintelligence Alliance (ASI) token, OCEAN, also recorded a 27% surge over the past day and is currently trading at $0.68. The asset’s market cap is sitting at $390 million at the time of writing. OCEAN’s 24-hour trading volume increased by 180%, reaching $80 million.

In April, the Artificial Superintelligence Alliance announced that FET, AGIX and OCEAN would be merged into a single token. On June 3, SingularityNET shared the following conversion rates of the tokens to ASI: 

  • FET will be converted to ASI at a conversion rate of 1:1.
  • AGIX will be converted to ASI at a conversion rate of 1:0.433350.
  • OCEAN will be converted to ASI at a conversion rate of 1:0.433226.

The surge in the AI tokens comes as the Nvidia stock recorded a 3.51% hike on Wednesday — closing the day with a price of $135.58.

It’s important to note that the California-based graphics processor manufacturer is called one of the “three horsemen of AI” by MarketWatch. Notably, Nvidia has been developing an enterprise-level AI platform.