The recent surge in the price of Artificial Superintelligence Alliance USD (FET) can be attributed to a broader rally in AI-focused cryptocurrencies, spurred by Nvidia's impressive quarterly sales report. Nvidia's third-quarter earnings exceeded expectations, with record sales of $35.1 billion, which has positively impacted AI-related tokens, including FET. The market's enthusiasm for AI technologies, coupled with Nvidia's strong performance, has led to increased investor interest in AI coins, pushing the total market cap of AI cryptocurrencies to an all-time high of $42.19 billion.
Additionally, the overall optimistic sentiment in the crypto market, driven by Ethereum's recent price breakout, has contributed to the upward momentum of altcoins like FET. As Ethereum gains traction, traders are increasingly looking at other digital assets for potential opportunities, leading to a shift in market focus towards altcoins. This broader market optimism, combined with the specific boost from Nvidia's performance, has created a favorable environment for FET and other AI tokens.
FET has experienced a significant price increase of 11.74% today, reaching a high of $1.687228.