Various cryptocurrencies are now forging their own unique growth paths while the total cryptocurrency market capitalization makes every effort to maintain a bullish ascent. SingularityNET (AGIX), a Cardano-connected Artificial Intelligence (AI) platform that has seen 7% increase over the last day, has joined the altcoin rally.
AGIX coin is currently trading at a price of $0.3209, closing off the growth trajectory it mapped out during the previous week, during which it rose by 22%.
SingularityNET growth trigger
Given that the protocol is known to experience significant price fluctuations, AGIX’s increase at this time is not particularly unusual. However, given that relatively little is known about the continuing protocol development, it is still important to understand what is really driving the pricing.
An AI-based protocol called SingularityNET is one of the leaders in promoting this progress in the current digital currency environment. The euphoria around ChatGPT is waning, and these Web 3.0 AI ventures are now more closely correlated with NVIDIA stock.
As a leading provider of cutting-edge technology whose products are essential to the development of AI, NVIDIA has recently experienced rapid growth, increasing its market value to $1 trillion as of this writing. This stock’s strong association with the majority of AI initiatives may be viewed as a key trigger for AGIX.
Is this a fad or sustainable growth?
Since the beginning of the year, the SingularityNET protocol has demonstrated tenacity as it works to expand the utility base of its ecosystem generally. According to its performance so far this year, when it has increased by more than 585%, we may conclude that the sporadic momentum will continue.
