The Nvidia GTC conference, the premier AI event, concluded on March 21 and showcased significant advancements in AI. Despite the enthusiasm, AI token values remained stable, except for OCEAN. The Graph (GRT) showed strong price activity, raising predictions that it may return to $1 for the first time since 2021.
AI Token Performance Post-Conference
Considering the exciting announcements, the conference did not lead to a significant increase in AI token values. A basket of seven of the largest tokens sold at the same price as on March 17. This lack of movement contrasted dramatically with earlier increases in March, which might be attributed to anticipation of the event.
FET and NEAR were the biggest gainers with over 70% increases, followed by AGIX, RNDR, OCEAN, and GRT. TAO was the only one with negative performance, falling by 4%. Interestingly, OCEAN was the only token with a positive performance since the conference began.
AI Cryptocurrencies Surge in March
Even if AI tokens did not see any rises at the Nvidia conference, they fared wonderfully in March. GRT’s pricing action suggests significant rises in April.
Following NVIDIA’s GTC event, numerous AI tokens experienced strong price increases, garnering investor interest. NEAR, RNDR and FET had significant advances, with NEAR growing by 28.63%, RNDR by 31.22%, and FET increasing by 36.12%. These increases imply that investors are becoming more interested in the AI field.
Strategic investors saw significant returns, with earnings on AI tokens such as FET exceeding $2 million, or a 393% increase. Tactical investments in AI-focused cryptocurrencies such as NMT resulted in exponential profits.
GRT’s Promising Price Action
Among the AI tokens, GRT looks to be the most fascinating. Since breaking above a long-term descending resistance trend line in November 2023, GRT’s price has risen fast, hitting $0.49 in March 2024. Additional optimistic signals in the market movement include a breach from the $0.30 horizontal resistance level.
While GRT has declined somewhat, it might be testing the channel’s resistance trend line before increasing again. The next closest resistance level is $1, 180% higher than the present price. In contrast, a weekly close below the channel’s resistance trend line and the $0.30 level will invalidate the breakout.
Market Movements and Investor Gains
The Nvidia GTC 2024 event generated a rippling effect in the AI token market, leading to large increases for various cryptocurrencies. For example, an investor with the wallet address “0xb8BA” deposited 1 million FET tokens to KuCoin for profit-taking, implying a profit of $2.27 million. Another investor, “0xA7bc,” withdrew 13.4 million FET from exchanges like Binance, resulting in an unrealized profit of about $12 million.
Similarly, “0xeF76” purchased 253,595 NMT for $19K, now worth $3.03 million. These financial changes highlight the cryptocurrency market’s volatility and promise, especially for AI-focused coins.
Major Announcements at NVIDIA GTC
The NVIDIA GTC conference is a premier gathering for AI developers. 2024’s event featured several noteworthy announcements were made, including:
- Apple Vision Pro will integrate OpenUSD Omniverse and digital twins.
- A digital twin of Earth, Earth-2, is being developed to predict extreme weather using AI.
- Robots powered by Nvidia technology, including one resembling WALL-E, were unveiled.
- Digital twins for warehouse operations and simulated 3D environments with AI agents were showcased.
- A new approach to accelerate generative AI model deployment, reducing deployment time from weeks to minutes.
- Leveraging AI for drug discovery with BioNeMo NIMs.
Conclusion
In summary, the Nvidia GTC conference highlighted significant advances in AI, yet AI token values remained unchanged, except for OCEAN. Despite the conference, the overall performance of AI tokens in March suggests substantial investor interest and the possibility of further gains. AI-focused tokens provide significant profit potential as technological industries and cryptocurrency markets interact. However, the market’s inherent volatility needs careful and knowledgeable investing tactics.
