AI coins saw subdued trading on Saturday after most of them traded in the negative territory Despite industry-related positive news, AI coins have been seeing mixed trading for the past week. Market participants are now wondering if these coins will tank further or if this is just a small correction before a heavy bull run. These speculations also come as an aftermath of AI coins being influenced by Nvidia’s market cap movement.
Top AI Coins See Negative Trading on Saturday
Top AI coins like RNDR, INJ, FET, AKT, etc saw a slide in prices on Saturday being slightly in tandem with other market participants. One of the only AI coins that saw a green trading line was NEAR, which was mostly up 1.4% during the day, according to data from CoinMarketCap.
The slide in AI coins comes at a time when the broader market is also trying to pick bullish cues amid sloppy trading. However, this was not the scenario just a couple of days back. As reported by Bankless Times, 27th June 2024 saw the leader board of top gainers being dominated by AI coins like FET and SinglarityNET.
Nasdaq Integrates AI Technology
The previous gain in AI coins came soon after fresh artificial intelligence features had been added by Nasdaq to its Nasdaq Boardvantage® board interface to assist executives and board members in streamlining tedious procedures and bringing fresh life to their daily tasks.
By highlighting crucial information, the new AI capabilities—which are enabled by Microsoft’s Azure OpenAI Service—are intended to assist board members in making better decisions by summarizing and parsing reports, presentations, agendas, and other materials.
The news could have impacted investor sentiments in a positive stream, however, the effect seems to have worn off now.
Nvidia’s Market Cap Fall
A major motivator for previous AI coin growth was Nvidia’s bullish market capitalization. However, AI crypto tokens had subsequently managed to hold onto their upward momentum despite the fall in market capitalization for Nvidia, suggesting that future growth may be promising.
This also indicated that though a broader market is necessary to provide cues to traders, AI coins usually have an independent trajectory when it comes to bullish trading.
Will AI Coins Rise in the Future?
Artificial intelligence (AI)-related cryptocurrencies have gained value during the last week, even as Nvidia’s stock had a $430 billion decline in market capitalization. For cryptocurrencies powered by AI, investor confidence and a bullish momentum are increasingly important. Digital assets like AI coins use artificial intelligence to improve blockchain network scalability, security, and user experience.
Though a lack of reasons and choppy trading have kept AI coins in a fluctuating mode, investors likely will soon pick up other bullish cues in the second half of 2024 which can propel the prices of these coins. That alongside significant industrial development will play a huge role in giving AI coins a bullish momentum.
