Why Nvidia's 20% Rise Ignited Rally In Crypto AI Tokens

Crypto tokens with Artificial Intelligence (AI) applications have outperformed other assets as chipmaker Nvidia reached an all-time high. The legacy company's stock price saw important gains as its bet on the AI sector paid off.

Timeline of , Akash-network, Fetch, Render

Cryptocurrencies that are tied to artificial intelligence (AI) have enjoyed considerable gains as a result of Nvidia (NASDAQ: NVDA) exceeding earnings estimates for the second quarter of the year, suggesting that the positive trend for AI could well continue for the foreseeable future.

The token of decentralized cloud computing provider Akash Network (AKT) has been consistently rising over the past two weeks as its token's social dominance skyrockets. AKT is up by $138% over the past 30 days and trading at $1.

Akash Network (AKT) is pushing new boundaries in the digital currency ecosystem with its massively parabolic growth run at a time when most altcoins are still fighting their individual bears. The protocol has soared as high as 15.66% in the past 24 hours to place its price at $1.38 at the time of writing, per data from CoinMarketCap.

As cryptocurrency markets are stagnating in anticipation of a potential bullish rally, the demand for reliable cloud architecture is rising. Akash Network (AKT) seems to be among the first beneficiaries of the new hype.

Crypto Market News: A product linked to the Render network (RNDR), which offers distributed GPU rendering on the blockchain, was mentioned in the Apple event on Monday as part of the keynote event. Artificial intelligence based crypto tokens like Render and SingularityNET have in the recent times gained popularity.

Render Price Analysis: In the daily time frame chart, the Render token price showed the formation of a rounding bottom pattern. This chart pattern development often reflects bottom formation in an asset and the start of a new uptrend.

Crypto Market News: The rise of AI Tokens, the artificial intelligence based crypto tokens, is often seen as a direct correlation to the recent adoption of AI tools like ChatGPT in the mainstream. However, crypto market projects have historically gained investor trust based on the token's individual success and adoption over time.

Binance, one of the world's largest cryptocurrency exchanges, has recently announced its support for the upcoming network upgrades of Fetch.ai (FET) and Terra Classic (LUNA). This move aims to enhance the functionality and performance of these blockchain projects, providing users with improved features and capabilities.

Render (RNDR) has been on an upward trajectory, recording some of the biggest profits in the crypto market this past week. This show of strength by the metaverse cryptocurrency coincides with a busy week dominated by the bulls.

Render token (RNDR) tops the 24-hour gainers' chart as the total crypto market cap shows signs of relief after touching its local bottom over the last week. The global crypto market capitalization has been uncertain over the past month.