Bittensor, Render, Fetch.ai Surge Up To 19%: Here's Why AI Coins Are Rallying Hard Today

AI-themed cryptocurrencies have taken center stage following Nvidia's earnings outperformance.

What Happened: According to CoinGecko data, AI-related cryptocurrencies are worth $17.2 billion, a 5.4% increase over the past 24 hours.

Bittensor TAO/USD, Render RNDR/USD and Fetch.ai FET/USD are the top three coins with single-day gains of 5.1%, 19.3%, and 16.2%, respectively.

Crypto analytics firm Santiment highlighted data of other recent outperformers: “Among top price risers over the past week, $AGI (+182%), $ALI(+138%), and $AGIX (+122%) have stood out.”

Crypto Tony, a heavily-followed crypto trader, tweeted AI will be "in the multi-billions" in the anticipated bull run.

Also Read: Is TAO The 'Dogecoin Killer'? Grayscale Tweets 'Signs Of Adoption' While One Trader Says He's 'Not Selling' Until TAO Flips 'The Dog Coin'

Why It Matters: The recent surge in AI-themed cryptocurrencies tied into the record results posted by Nvidia.

Moreover, Ethereum co-founder Vitalik Buterin recently expressed excitement about an AI application, which focuses on AI-assisted formal verification of code and bug finding. It also addressed Ethereum’s current biggest technical risk.

A crypto trader, Crypto Curb, compared the current AI craze to the Metaverse craze in the 2021 bull market.

He saw the current AI run as "turbo-charged" and expects "tradfi fuel as boomer AI stocks also take off.”

What’s Next: Social media analysts saw further upside for AI coins.

One trader expected Render to go higher on "bullish momentum:" 

Another investor commented on Fetch.ai, stating that it was nearing its all-time high levels and added "you should go all in" once an asset breaks its last all-time high. His price target was "$4-$5" for this parabolic move.

Price Action: At the time of writing, Bitcoin was trading at $51,550, up 1.3% over the past 24 hours, according Benzinga Pro.

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