Top 3 AI Altcoins to Watch Ahead of Nvidia GTC Conference This Week
TL;DR
- As highlighted at the ongoing NVIDIA Artificial Intelligence conference, AI coins are gaining momentum in the crypto industry.
- Bittensor (TAO) leads the AI token market with a market cap exceeding $4.5 billion.
- Render (RNDR) and Fetch.ai (FET) are also prominent assets that have experienced rapid increases in value, demonstrating the potential of artificial intelligence in blockchain technology.
The cryptocurrency market has been in the process of a serious revival in the last few months; Bitcoin (BTC) reached a new all-time high above $73,500, and many other leading digital assets rose to multi-year highs. One particular niche that has hit the roof lately is the one involving Artificial Intelligence (AI) coins.
This week, global GPU manufacturer NVIDIA Corporation hosting A conference dedicated to artificial intelligence. Held in San Jose, California, the event will allow developers, researchers, business strategists and industry experts to meet and exchange ideas about the future development of the industry.
For the uninitiated, NVIDIA is the third largest company globally in terms of market capitalization – $2.19 trillion. Much of the growth is attributed to the artificial intelligence sector and the rise of protocols such as OpenAI’s ChatGPT, which are solutions that require significant computing power. In particular, the company has seen huge demand for its GPU chips due to growing interest in generative AI.
However, it is worth observing the three leading AI tokens and their recent performance, so let’s dive right in.
Enter Bittensor (TAO)
Currently, the total market cap of this subsection of the crypto industry is over $25 billion, with Bittensor (TAO) being the largest token. It has been among the best-performing crypto assets for months and reached a new ATH of $743 today (March 18) (according to CoinGecko data). To put things in perspective, its valuation in October last year was just $50, representing a whopping 1,380% increase.
TAO Price, Source: CoinGecko
Bittensor is an open source protocol that uses blockchain technology to create a decentralized machine learning network. Its native token, TAO, allows users to extract information from the ecosystem while adjusting the ecosystem’s activities to meet their needs. Bittensor’s main goal is to create an AI marketplace where consumers and producers interact with each other in a completely transparent manner.
Rendering (RNDR) very close to peak
The second largest token in the niche (following only TAO with thousands of tokens) is Render (RNDR). It also reached ATH today, rising to $13.50.
RNDR Price, Source: CoinGecko
Its gains on a monthly scale are over 130%. RNDR has surpassed all other AI tokens by this metric, with 24-hour daily volume reaching over $1 billion.
RNDR stands behind the Render Network Foundation, a leading provider of decentralized GPU solutions aimed at revolutionizing the digital rendering process.
The asset recently caught the attention of Coinbase, which put it in its roadmap zone and later added it to its trading program.
What’s About Fetch.ai (FET)?
The third largest token in the industry is Fetch.ai (FET), which has a market cap of approximately $2.6 billion and a price of $2.55. The latter represents a 260% increase on the 30-day scale and is a few cents south of the ATH seen on March 14. 24-hour trading volume currently stands at over $700 million.
FET Price, Source: CoinGecko
Fetch.ai is a blockchain platform that uses artificial intelligence to help people automate everyday tasks like booking flights, parking, and other services.
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