AI Crypto: A Decline in Global Trade Volumes
The AI-based cryptocurrency market has experienced a significant downturn since early 2023. Currently valued at $2.28 billion, it has retreated by approximately $1.72 billion since February 2023.
This week, eight out of the top ten AI-focused cryptocurrency tokens have suffered losses. Notably, the digital token numeraire (NMR) has plummeted by 37.47% in the past seven days.
In terms of market capitalization, the leading AI token, graph (GRT), has declined by 2.62%, while the second-largest AI token has seen a 5.46% drop. However, two tokens, dkargo and phala network, experienced small gains against the U.S. dollar.
Subdued Trade Volumes for AI Cryptocurrencies
The overall AI-centric crypto market has witnessed a collective decline of 5.74% in the past week, with a 3.37% dip in the last 24 hours. Trade volumes for AI-related cryptocurrencies have been particularly subdued throughout August, according to crypto firm Kaiko.
Compared to the surge in trade volume in January and February 2023, the current 24-hour trade volume sits at $159.11 million, a significant decrease from the $1.6 billion recorded on February 9, 2023.
Hot Take
The decline in AI-based cryptocurrencies highlights the volatility of the crypto market. While they initially showed promise, the subsequent downturn reminds us of the challenges and uncertainties that come with this ever-evolving digital landscape.
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