Bitcoin dropped around 8% in May — its first monthly loss of 2023. There are a few factors that drove it down, including continuous inflation, high interest rates, and bitcoin decoupling from the Nasdaq.
But while bitcoin is falling, AI cryptos are soaring. According to CNBC, SingularityNET (AGIX) rose as much as 19% last week. Cortex (CTXC) rose 6%, Measurable Data Token (MDT) rose 6.5%, and Fetch.ai (FET) rose nearly 5%.
The AI crypto rally is spurred in part by Nvidia, a leading chipmaker that’s at the forefront of the AI craze. The company issued exceedingly positive sales guidance last week and cited high demand for AI capabilities.
In this episode of Crypto Insider, Vin Narayanan and Allison Brickell discuss bitcoin’s down month, the risks of investing in AI cryptos, and more.
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