The cryptocurrency market has shown a recovery following the release of the latest Consumer Price Index (CPI) data in the United States. Notably, AI tokens have made significant gains, drawing increased attention from investors. The favorable CPI data appears to have sparked positive sentiment, leading to notable price hikes across various digital assets.
AI Tokens Surge
Following the release of the US April CPI data, many altcoins, including Bitcoin, experienced positive reactions and notable gains within the last 24 hours. Coinmarketcap data reveals that the AI and big data category surged by over 11% on Wednesday, positioning AI tokens among the market’s top performers once again.
The recent market rally effectively erased earlier losses seen this week, making AI tokens increasingly attractive to investors. This trend is evident in the overall trading volumes, which saw a significant increase of more than 34%.
AI tokens have piqued investor interest with their impressive gains over the past 24 hours.
Investor Activity and Market Trends
Leading the charge, Near Protocol (NEAR) climbed from $6.9 to $8.05, marking a 16% rise and reaching its highest level in two months. This price movement suggests a potential target to surpass the $8.8 peak previously seen on March 15.
Similarly, The Graph (GRT) jumped from $0.26 to $0.30, a gain of over 14%. IntoTheBlock data indicates that 56% of investors are breaking even, while 62% show a positive long-term outlook, suggesting a significant drop in GRT might be unlikely in the near future.
Key Market Events
One of the major factors influencing AI tokens recently has been NVIDIA’s initiatives. During this period, AI tokens have managed to dominate the market, even amidst the meme coin frenzy. Recent events could further affect market dynamics.
Some of these noteworthy events include:
What Are the Investor Takeaways?
- Positive expectations for NVIDIA’s upcoming earnings report.
- The departure of former chief scientist Ilya Suskever, linked to the dismissal of OpenAI CEO Sam Altman.
- OpenAI granting user access to GPT-4.
The potential for market fluctuations is especially significant with the forthcoming NVIDIA earnings report, which could impact the entire AI and big data sector more than other factors.