Artificial intelligence-focused cryptocurrencies rose last week after Nvidia’s highly optimistic quarterly sales report beat estimates.
NEAR Protocol (NEAR), the largest AI coin by market cap, is up 20% over the past 7 days, trading at $6.67 per coin at press time. Internet Computer (ICP), Bittensor (TAO), FET and SingularityNET (AGIX) posted gains of 26.4%, 20.6%, 20.4% and 21.7%, respectively, over the same period.
Meanwhile, other AI tokens such as Qubic (QUBIC), Virtuals Protocol (VIRTUAL), Grass (GRASS) and Livepeer (LPT) recorded much higher gains of 79.5%, 61%, 58% and 41. 9% respectively.
All these achievements helped push the total market capitalization of AI coins to a record high of $42.19 billion.
The artificial intelligence sector rose after Nvidia posted a better-than-expected third-quarter earnings report that showed record quarterly sales of $35.1 billion, beating previous estimates of $32.5 billion.
On a call with investors in the third quarter, Nvidia CEO Jensen Huang highlighted significant growth in demand for the company’s latest Blackwell chip. He added that the surge in demand has raised expectations to exceed the previous revenue estimate of $7 billion for the fourth quarter of 2025.
Nvidia shares are up more than 180% this year, nearly tripling, on the back of strong sales growth and its commitment to generative artificial intelligence and accelerated computing technologies.
Citi analysts have given Nvidia a “positive catalyst” rating, predicting the stock could rise 27% to a $175 price target over the next 90 days, driven by stronger sales of Blackwell chips as 2025 approaches.
Artificial intelligence-related cryptocurrencies often rise on bullish news about Nvidia, as Crypto.news previously reported when some of these tokens posted gains in November after Nvidia briefly surpassed Apple as the world’s most valuable company.
This time around, AI-related coins have also benefited from policy changes by the US administration, which plans to appoint an “AI Czar” to centralize AI policy and bolster the country’s leadership in transformative technologies.
