- AI coins soared after Nvidia reported earnings exceeding expectations.
- Hedera Hashgraph, WorldCoin among the top gainers in AI-based crypto.
- Adding $1.23 billion in market cap over a month, HBAR approaches TOP 20.
The computer chip giant Nvidia shocked the stock markets yesterday by adding a whopping $277 billion to its market cap in a single day. The milestone is now considered the greatest daily growth in the history of stock markets. Nvidia’s valuation is now more than the whole economy of Canada, according to Bloomberg’s estimates.
Nvidia’s thunderous stock market success has set off unprecedented price rises in other artificial intelligence-related ventures, including AI-based cryptocurrencies. For instance, Sam Altman’s WorldCoin (WLD) claimed a new all-time high of $8.96 18 hours ago.
AI Coins Tag Along With Nvidia’s Success
On top of that, the bullish wave on artificial intelligence tokens has touched the larger-cap AI altcoins, most notably Hedera (HBAR), jumping on a 33% weekly increase. To compare, WLD’s 105% weekly run had boosted its market cap to $1.162bn, while Hedera’s slimmer increase now has HBAR approaching the $4 billion mark for the first time since April 17, 2022.
The positive price action has planted optimism among Hedera’s fans on X, who were proud to highlight that Hedera has never been so high up the cryptocurrency rankings. Crypto enthusiasts expect to see Hedera’s HBAR in the TOP 20 by global market cap, as the artificial intelligence-related cryptocurrency added a whopping $1.23 billion in market cap over the last 30 days.
Can Hedera’s HBAR Reach New Heights?
Hedera’s strong yearly performance can be attributed to a few key factors. Firstly, Hedera has a vibrant and loyal consumer base that believes in the project’s success due to its uniqueness. Indeed, Hedera Hashgraph is an unconventional blockchain that uses distributed ledger technology to ensure quick and secure transactions on the network.
Popular car manufacturers, including Hyundai and Kia, have acknowledged this potential. The South Korean automobile manufacturers have employed Hedera’s chain to track carbon emissions in real-time, thus enabling a more efficient way to deal with carbon emissions and guarantee a substantial reduction in the newest car models.
The critical acclaim by retail brands served HBAR a boost of 100% over the last half a year. HBAR trades at $0.1182 at the time of publication, with a 2% upswing in the last 24 hours.
On the Flipside
- Despite claiming a record-high spot in the crypto charts by global market capitalization, Hedera Hashgraph’s native cryptocurrency still has a long way to go to claim a new all-time high.
- Currently down 80% from the $0.5692 all-time high set over two years ago, HBAR’s path forward highly depends on new partnerships, upcoming token unlocks, and developer activity on the chain.
Why This Matters
Artificial intelligence is the latest trend in the cryptosphere and IT sector. Nvidia’s success is a great example of sustainable project growth.
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