Surge in Nvidia stock triggers bullish momentum for AI tokens

Artificial Intelligence-related crypto assets recorded impressive gains following a surge in the Nvidia stock price.

Nvidia Corp stock rose by 8.15% on Sept. 11, closing the day at $116.91. The company’s market cap reached $2.86 trillion, according to data provided by MarketWatch. Nvidia has recorded a 142.7% rally this year so far.

Following Nvidia’s bullish momentum, AI-focused cryptocurrencies witnessed a 0.3% rise over the past day. According to data from CoinGecko, the total market cap for AI tokens is currently hovering at $23.46 billion with a daily trading volume of $1.5 billion.

The leading token, NEAR Protocol (NEAR), gained 5.3% in the past 24 hours and is trading at $4.15 at the time of writing. Moreover, the Artificial Superintelligence Alliance (FET) surged 8.4% and is currently changing hands at $1.42.

Internet Computer (ICP), on the other hand, declined by 4.3% and is currency trading at $8.39.

The movements of the Nvidia stock and AI-related tokens have been quite similar lately. Per a crypto.news report on Sept. 4, some of the leading tokens in the category, including FET and Render (RNDR), recorded double-digit declines as the Nvidia stock price plunged 9.5% — the company lost $280 billion that day.

Another bullish catalyst for AI cryptocurrencies was the announcement of Apple Intelligence at the iPhone 16 event on Monday, Sept. 9. Apple hinted at publicly releasing its generative AI in October with a set of improvements to Siri, its popular voice assistant, according to The Verge.