NEAR, FET, TAO surge following Alibaba, Nvidia partnership

AI-based cryptocurrencies have made impressive gains after Nvidia partnered with Alibaba.

According to data provided by CoinGecko, AI tokens have seen a 5.9% increase in the past day. The total market cap is currently at $28.9 billion and the daily trading volume is $2.77 billion.

Top 5 AI-related cryptocurrencies by market cap | Source: CoinGecko

NEAR Protocol (NEAR) leads the category with a market cap of $5.3 billion, up 9.3% over the last 24 hours. NEAR is currently trading at $4.85.

The Artificial Super Intelligence Alliance (FET) has also gained around 5% in the past day and is trading at $1.66 at the time of writing.

Bittensor (TAO) has emerged as the top gainer among the top 100 cryptocurrencies with an 18% rally over the past 24 hours. TAO is trading at $538 with a market cap of just under $4 billion.

TAO 1-hour chart, September 16-23 | Source: crypto.news

The surge in AI token prices comes two days after semiconductor giant Nvidia and Alibaba Cloud teamed up to develop the autonomous driving sector in China. Alibaba’s technology backbone integrated its large multi-modal models with Nvidia’s Drive AGX Orin platform for driverless vehicles.

AI-related crypto tokens have usually seen bullish moves after major announcements from Nvidia, and this time was no different.

It is important to note that Nvidia stock price closed down 1.59% on Friday, September 20, trading at $116. The tech giant could potentially post gains today as the partnership with the Chinese e-commerce giant brings positive sentiment to the market.

In addition to Nvidia’s bullish catalyst for AI tokens, Democratic presidential candidate Kamala Harris also hinted at creating an “opportunity economy” for AI and “digital assets” in the U.S. This was the first time Harris has publicly shared her stance on the crypto industry.