AI-related cryptocurrencies experienced a notable rally over the past day, driven by recent developments in the AI industry that captivated investors' interest.
Rise of AI Cryptocurrencies
NEAR Protocol, the largest AI coin by market cap, rose 6% in the last 24 hours, trading at $5.45 per coin. Internet Computer, Render, Bittensor, and FET gained 5.2%, 7.6%, 7.5%, and 4% respectively. Meanwhile, other AI tokens like Livepeer and Virtuals Protocol recorded higher gains of 20.7% and 20.5% respectively. The total AI coins market cap increased by 25% to $43.5 billion.
White House Appointments
The AI sector surged following Donald Trump's announcement of White House appointments. Sriram Krishnan was appointed as a senior policy advisor for AI, and Michael Kratsios was named Director of OSTP. These appointments likely boosted investor confidence in the AI industry's future.
AI Investments by xAI
Another factor supporting the surge in AI tokens was xAI's announcement, Elon Musk's AI startup, of securing $6 billion in its latest funding round. The funds will be directed towards building advanced AI infrastructure.
Recent developments in the AI industry have helped boost AI-related cryptocurrencies, increasing their market cap. These changes underscore the importance of technological advancement and its impact on financial markets.
