Bitcoin (BTC) bull rally has taken a back seat as AI tokens like Fetch.ai (FET), Render (RNDR), Near Protocol (NEAR), and Singularity (AGIX) have seen substantial double-digit gains following significant development in the AI sector.
Reason Behind the AI Tokens Surge
Andreessen Horowitz (a16z) is a prominent venture capital firm that has revealed intentions to raise $6.9 billion for upcoming funds. This includes the establishment of two funds specifically targeting artificial intelligence (AI). As per the Bloomberg report, a16z is set to raise money for master funds, allocating half of the amount to the firm’s fourth growth fund.
The remaining half of the total amount will be allocated to two specific artificial intelligence funds, a gaming fund, and a fund aimed at backing startups in the emerging “American Vibrant” sector. Andreessen Horowitz has delayed the allocation of funds for crypto and biofields until next year, but their commitment to the crypto market remains steadfast.
Notably, in 2022, Andreessen Horowitz successfully raised $4.5 billion specifically for crypto funds.
AI Tokens Surge: A Promising Rally
AI (Artificial intelligence) –based cryptocurrencies are surging following a significant mews. In the last 24 hours, the Fetch AI (FET) Coin price has surged a remarkable 48% increase to reach $2.84. Over the last week, the FET Coin has soared by more than 85% and over 397% since January 1, 2024.
Also, Render (RNDR) surged by 34%, Near Protocol (NEAR) by over 25%, and SingularityNET (AGIX) saw a price surge of 31.52% in the past 24 hours. Additionally, other AI-related tokens like The Graph (GRT), Worldcoin (WLD), Conflux (CFX), and Akash Network (AKT), among others, have shown gains ranging from 8% to 20% in the past 24 hours.
Our Opinion: The rise of AI altcoins in the cryptocurrency market highlights the increasing attraction toward AI-driven projects and decentralized technologies. We believe that investing in AI stocks and coins proves to be a lucrative strategy for investors, given the substantial funding these companies receive from venture capital and other firms.
Also Read: Will Dogewifhat (WIF) Hit $5 or $10 in March 2024?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
