AI Cryptos Rallying Amid Anemic Market Today: One Possible Reason

Major AI cryptocurrencies Artificial Superintelligence Alliance (FET) - previously known as Fetch.AI and SingularityNET (AGIX) are among the best performing cryptos in the top 200, while AI cryptos became the top gainer category. Such a breakthrough is registered amid the excitement about AI features integrated in the next generation of Apple products.

AI cryptocurrencies FET, AGIX up by 11.6%, iPhone 16's presentation to blame

Today, Sept. 10, 2024, AI cryptocurrencies are the undisputed leaders of the altcoin market. Artificial Superintelligence Alliance (FET) and SingularityNET (AGIX), the two largest cryptos of the segment, added 11.6% each, according to CoinGecko's data.

With its 15% overnight growth, the AI Agents category is the best performing one on CoinGecko, followed by AI Cryptos as a whole.

This upsurge in interest in AI coins should most likely be attributed to the sensational presentation of Apple Intelligence, a stack of AI functions that will be available on the brand new iPhone 16.

As announced in the latest presentation, Apple will offer its own AI-powered equivalents of ChatGPT and mainstream image editors. For instance, they will be helpful in checking texts and erasing objects from photos taken on iPhone.

Also, the new functionality will allow iPhone users to edit emails and create their own AI-generated images.

Crypto capitalization adds 2% only

Introduced yesterday, these functions will go live next month — only in U.S. English — with iOS 18.1, iPadOS 18.1 and macOS Sequoia 15.1.

As such, Apple introduces itself as a dangerous competitor for OpenAI, Google, Microsoft and XAI in their AI endeavors.

This upsurge looks like the lifeblood for an anemic crypto market today; the capitalization of all cryptos only added 2%, while Bitcoin (BTC) added 3%.