Render Token, Near Protocol, and The Graph were among the best-performing cryptocurrencies on Monday morning. The RNDR token surged to a record high of $13.70, a 3,110% increase from its lowest level in 2023. This jump brought its total market cap to more than $4.70 billion.
AI cryptocurrencies are soaring
Near Protocol’s token also spiked to $9, its highest level since May 2022. It has jumped by almost 800% from its lowest level in 2023. The Graph’s GRT token was trading at $0.4268, a few points below its highest level this month.
The other top-performing cryptocurrencies were the likes of Fetch AI, SingularityNET (AGIX), and Akash Network. All these tokens jumped by double-digits on Monday even as other cryptocurrencies eased a bit.
The main reason for this price action is that a big artificial intelligence conference is happening in the United States.
Nvidia, the third-biggest company in the world, is holding the GTC Conference, bringing together thousands of participants from around the world. Jensen Huang, the founder and CEO of Nvidia, will be the keynote speaker.
Nvidia’s GTC conference
Therefore, mosy AI tokens are soaring as investors anticipate the event. For example, Near Protocol’s founder will take part in a panel discussion that will have Jensen Huang.
Most participants will likely talk about artificial intelligence and its remarkable growth. In Nvidia’s case, its revenue growth accelerated by more than 200% in the fourth-quarter, bringing the annual revenue to over $26.97 billion. This was a strong report for a company that made $11.7 billion in 2019.
Near Protocol, The Graph, and Render Network are seen as being AI tokens. Render Network is widely seen as a good alternative to Nvidia because it offers decentralized GPU network on Solana’s blockchain.
The Graph, on the other hand, is a leading platform that provides indexing solutions for over 40 networks like Ethereum, Solana, and Avalanche. This makes it easier for developers to build applications across all sectors.
Near Protocol, on the other hand, is one of the fastest-growing blockchains in the industry, thanks to its quick speeds and low transaction costs. The network achieves its speeds using a technology known as sharding, which was introduced by Zilliqa.
Therefore, there is a likelihood that these three tokens will continue rising during Nvidia’s GTC event. They also also soaring because of the ongoing crypto bull run, with Bitcoin trading at over $68,000.
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