- Top coins supposedly associated with artificial intelligence (AI) have dropped over 20% in seven days.Google Trends shows peak public interest in AI.
As a seasoned crypto investor with a keen interest in artificial intelligence (AI) and its associated technologies, I find myself observing the recent market trends with a mix of intrigue and apprehension. The past week has seen a significant downturn in the value of top coins supposedly linked to AI, with some experiencing drops of over 20%. Notably, the likes of FET, RNDR, TAO, and GRT have lost as much as 30% of their market value.As an analyst, I’ve observed a trend where significant increases in Google search queries relating to AI-connected cryptocurrencies have historically coincided with major market peaks. This correlation lends credence to Warren Buffett’s investment philosophy of purchasing during downturns and selling during upswings. Presently, it seems this pattern is being replicated within the AI token market.
Artificially intelligent tokens such as FET, RNDR, TAO, and GRT have experienced a significant decrease in value, down by approximately 30%, over the past week based on Coingecko’s data. Meanwhile, Google Trends suggest that the search volume for artificial intelligence may have reached its peak.
Among the top 100 cryptocurrencies with the best performance over the past week, FET ranks as the fourth-poorest performer. In contrast, bitcoin, the market leader, experienced a decline of only 2.8% during this period. The CoinDesk 20 Index (CD20), which measures the broader crypto market, witnessed a larger loss of 6%.
As an analyst, I frequently utilize Google Trends to measure the level of curiosity among the public and retail investors regarding trending subjects. The search query “AI” has recently achieved a peak value of 100 over the past 12 months. This figure corresponds to the highest number of searches ever recorded for that particular query during this time period, reflecting its maximum popularity.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JGT6EC3Z2ZGI3K7LHR4B45PPOI.png)
As a crypto investor, I’m constantly on the lookout for promising opportunities in the market. Lately, I’ve noticed a surge of interest in artificial intelligence (AI) among both seasoned and new investors. This excitement has moved beyond the tech circles and reached Main Street. Consequently, there’s an increasing demand for information about AI-related investments. One company that has caught my attention is Nasdaq-listed chipmaker Nvidia (NVDA), which is considered a bellwether in all things AI. By investing in NVDA, I believe I can gain exposure to the broader trend of AI adoption and innovation.
The tool could serve as a useful signpost, considering that crowds tend to act on emotions and typically enter bull markets late and exit bear markets too soon. For example, surges in Bitcoin (BTC) and Solana’s SOL search queries coincided with the price peaks in May 2021 and November 2021, respectively.
Important to remember, bitcoin and NVDA, with their strong connection, experienced a downturn together towards the end of 2022. This occurred around the same time technology stocks took a hit following the introduction of ChatGPT, which heightened public understanding about artificial intelligence. As per Jeremy Grantham, GMO’s Chief Investment Strategist, this AI surge could be a bubble nested within a larger bubble, potentially ready to burst.
That’s an insight that might prompt caution in people considering investment decisions.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- REF PREDICTION. REF cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- ZETA PREDICTION. ZETA cryptocurrency
- JGN PREDICTION. JGN cryptocurrency
- PERI PREDICTION. PERI cryptocurrency
- MXC PREDICTION. MXC cryptocurrency
2024-06-18 14:09