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Artificial Intelligence-related altcoins topped the charts this week: SingularityNET’s (AGIX), which surged by 97%, and Worldcoin WLD, which gained 93% for a new record price of $9.03; both coins are based on artificial intelligence. Filecoin’s FIL token, and the Graph’s GRT performed well as well. Both gained more than 40% in the last seven days. Meanwhile, the broader CD20 market gauge dropped about 2%. AI cryptocurrencies initially jumped up in price on Wednesday, after chipmaker Nvidia beat expectations for first-quarter earnings as well as fourth-quarter results. The move has continued to gain strength. Bitcoin is the largest cryptocurrency in the world by market capitalization. It has been trading at between $50,500 to $52,500.

Reddit has said that part of its surplus cash was invested in bitcoin (BTC), ether (ETH), and Polygon (MATIC). It said that this investment is a way to pay for the sale of virtual goods.

Block, a fintech company led by Jack Dorsey, posted a remeasurement profit of $207m on its bitcoin holdings. Jack Dorsey’s company, Cash App, which is a platform for banking services, made $66 millions in gross profit from bitcoin sales during the last quarter. This represents a 90% year-over-year increase. The report stated that “the total amount of bitcoins sold to customers, which we recognize as bitcoin revenues, was $2.52 billion. This is a 37% increase year-over-year.”

Chart of the Day

  • The ether/bitcoin ratio (ETH/BTC), which has been in a downward trend for 17 months, is on the rise and appears to be about to break free of it.
  • If you see a potential breakout, it means that either outperformance is ahead.
  • Source: TradingView.

– Omkar Godbole

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Sheldon Reback is the editor.