Neo and Artificial Superintelligence Alliance hogged the limelight Monday, emerging as the market’s best-performing cryptocurrencies.
What Happened: NEO, also called "Chinese Ethereum ETH/USD," soared more than 14% to become the biggest gainer in the last 24 hours. The cryptocurrency's trading volume more than tripled to $65.04 million, indicating the buying frenzy.
For the curious, NEO is the native token of the blockchain-based platform, founded by Chinese entrepreneurs Da Hongfei and Erik Zhang. Since the project incorporates smart contracts to digitize real-world assets, it is sometimes called the "Ethereum of China."
| Cryptocurrency | Gains +/- | Price (Recorded at 10:40 p.m. EDT) |
| Neo NEO/USD | +14.33% | $10.55 |
| Artificial Superintelligence Alliance FET/USD | +11.77% | $0.9056 |
Moreover, the AI-based collaborative token, FET, swelled more than 11% to come in second on the list of biggest gainers. The cryptocurrency recorded a 124% jump in trading volumes in the last 24 hours.
The universal token is the result of a strategic merger between three AI coins, namely, Fetch.ai FET/USD, SingularityNET AGIX/USD, and Ocean Protocol OCEAN/USD.
It was not immediately clear whether the 4.35% jump in shares of AI giant Nvidia Corp. NVDA acted as the trigger.
See Also: Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?
Why It Matters: The sharp uptick in the aforementioned coins came amid a broader market rally that saw market heavyweights like Bitcoin BTC/USD and Ethereum ETH/USD achieve sizable gains.
Additionally, an X post by Tesla CEO Elon Musk sent his "favorite" cryptocurrency, Dogecoin DOGE/USD, higher by a few notches.
Photo by CMP_NZ on Shutterstock
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