Bitcoin dropped around 8% in May — its first monthly lack of 2023. There are just a few aspects that drove it down, including continuous inflation, high rates of interest, and bitcoin decoupling from the Nasdaq.
But while bitcoin is falling, AI cryptos are soaring. Based on CNBC, SingularityNET (AGIX) rose as much as 19% last week. Cortex (CTXC) rose 6%, Measurable Data Token (MDT) rose 6.5%, and Fetch.ai (FET) rose nearly 5%.
The AI crypto rally is spurred partly by Nvidia, a number one chipmaker that’s on the forefront of the AI craze. The corporate issued exceedingly positive sales guidance last week and cited high demand for AI capabilities.
Get Early Investing into your inbox
Develop into a better investor in startups, crypto and cannabis by subscribing to our FREE newsletter stuffed with market research, trends and expert evaluation.
On this episode of Crypto Insider, Vin Narayanan and Allison Brickell discuss bitcoin’s down month, the risks of investing in AI cryptos, and more.
Thanks for watching!