The price of Artificial Superintelligence Alliance USD (FET) has been under pressure today, despite a recent rally in AI-focused cryptocurrencies. This downturn comes after a week of gains spurred by Nvidia's impressive quarterly sales report, which exceeded expectations and boosted the market cap of AI coins to an all-time high. However, the initial enthusiasm seems to have waned, as FET and other AI tokens are experiencing a pullback. The broader market sentiment may be adjusting after the initial surge, as investors reassess the sustainability of the recent gains.
The recent rally in AI-related cryptocurrencies was largely driven by Nvidia's strong performance and the anticipation of continued growth in the AI sector. Nvidia's CEO, Jensen Huang, highlighted a significant increase in demand for the company's latest Blackwell chip, which has fueled optimism among investors. However, the current dip in FET's price suggests that the market is experiencing a natural correction after the rapid rise, as traders lock in profits and await further developments.
FET's price has decreased by 2.86% today, with the current price standing at $1.4667. The cryptocurrency reached a high of $1.5191 earlier in the day but has since retreated to a low of $1.4552.