Last Wednesday was a great day for investors of Nvidea. The trillion-dollar chipmaker reported revenue of $22 billion, crossing Wall Street estimates, for the quarter ending in 2023.
This is up 270% from year-on-year performances in 2022. Nvidea stock closed 16% up on Thursday. But it wasn’t Nvidea stocks that made the largest gains.
The bumper revenues of Nvdea, the leader of AI-chip manufacturing, catalyzed a rally of cryptocurrencies native to AI-based blockchain platforms.
One of the biggest gainers is Worldcoin (WLD), an AI-based identity verification platform. Moreover, Worldcoin was co-founded by Sam Altman, the CEO of OpenAI.
After the unveiling of Sora, OpenAI’s video generation tool, last week, Worldcoin already had its launchpad set in place.
With the Nvidea event, Worldcoin just took off. With the possibility of integrating Sora into the digital identification process of Worldcoin, WLD prices immediately rallied by 41% inching the market cap toward the 1 billion mark.
However, the projects are separate entities and are under independent management, though Coinworld is the only crypto project directly involved with the OpenAI CEO.
Worldcoin was founded in 2019 by the company Tools for Humanity, founded by Sam Altman, Max Novendstern, and Alex Blania.
The project aims to offer everyone equitable access to the global economy. It offers a convenient way for everyone to verify their identity without disclosing personal information.
It involves an iris-scanning tool called Orb. Hower Orb has ironically sparked serious controversies due to privacy concerns.
Governments across the world, including Germany, France, Argentina, and Kenya have started investigations into the specifics of the program. In December, the company had to halt Orb in India, Brazil, and France.
As it stands now, Worldcoin is traded at $8.17, after hitting an all-time high of $8.98. With its 24-hour trading volumes up by 14 percent from yesterday, the market capitalization of the token is over a billion dollars now.
With most of its supply still locked into the ecosystem, the fully diluted market cap of the cryptocurrency is close to $100 billion now.
WLD price has quadrupled in the last 30 days, a serious gain even in the crypto market where astronomical gains are not entirely out of the norm.
Worldcoin is not alone in the rally. Other AI-linked tokens including FetchAI(FET), Render(RNDR), and singularitynet (AGIX) are all making the ascend. Most notably, the latter nearly doubled its valuation in the last week alone.
The combined market capitalization of AI cryptocurrencies alone now stands at $16.5 billion. That is up by 11% from yesterday and 40% from last week. On the broad crypto market space, experts all over the world are predicting an impending bull market ahead of the next Bitcoin halving event.
At $51,050, Bitcoin is way past its early 2023 lows and is expected to reach the $100,000 milestone by the end of 2024. Ethereum, the second largest cryptocurrency traded at around $3000 has been on its way to recovery for over a year now.
The combined crypto market capitalization stands a little shy of $2 trillion, more than half of it is constituted by Bitcoin alone.
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