AI-Related Cryptocurrency Tokens Hit $12B
Recently, the total market capitalization of AI (artificial intelligence) related crypto tokens has exceeded 12 billion dollars. A recent report by Stocklytics.com considers nine cryptos: Bittensor (TAO), Render (RNDR), Akash Network (AKT), Fetch.ai (FET), CorgiAI (CORGIAI), SingularityNET (AGIX), Echelon Prime (PRIME), Ocean Protocol (OCEAN), OriginTrail (TRAC).
The Crypto AI Market
The AI-related crypto with the highest market capitalization is TAO (Bittensor), which reaches 3.8 billion dollars. In this ranking it is clearly in the lead, since the second, RNDR (Render), has only just over half of the market capitalization at 1.8 billion.
- After these first two there is an abyss, because the third, AKT of Akash Network, has only just over 0.8 billion dollars in market capitalization.
- FET of Fetch.ai is the only other cryptocurrency with a market capitalization of over half a billion.
- The other five range from 450 million to 280 million.
According to Stocklytics, the growth of crypto tokens linked to generative artificial intelligence has already been phenomenal, considering that it is a sector that was born only two years ago. The surge was largely due to the integration of ChatGPT and other conversational artificial intelligence software, generating widespread interest in applying AI technology in other sectors, including cryptography.
Stocklytics Analysis
The analysis of Stocklytics was conducted by financial expert Edith Reads, who believes that achieving these milestones was no small feat for a sector still in its infancy. According to Reads, behind this increase there would be several factors, including the growing adoption of conversational artificial intelligence. Technological investments in generative artificial intelligence have also had an impact on adoption in the crypto sector as well as strengthened credibility from technology giants like Microsoft and Google increasing their investments in AI projects.
Main AI Cryptos
TAO is the native cryptocurrency of the Bittensor project and facilitates interaction with the homonymous marketplace. The Bittensor marketplace is a P2P platform for sharing knowledge on machine learning. RNDR is the utility token of Render Network and allows users to purchase animations, graphics, and VFX rendering from the network.
- AKT is the native utility token of Akash Network.
- The Stocklytics report also mentions prominent AI crypto projects CORGIAI (Corgi.ai), AGIX (SingularityNet), and PRIME (Echelon Prime).
Future Perspectives
The Stocklytics report also analyzes future prospects for AI-related crypto tokens. Edith Reads has expressed optimism about the future of these cryptocurrencies as they have been positively received by the market. Progress in this area should further strengthen them. However, Reads invites caution regarding investments in these tokens as they are very volatile assets and partly speculative. This combined with the still limited past of the entire sector requires extreme care and good due diligence.
Hot Take: The Future Looks Bright ☀️
If you’re an investor or simply interested in cryptocurrency trends, it’s worth keeping an eye on AI-related crypto tokens as they continue to grow rapidly. With recent technological advancements and increased investment from tech giants like Microsoft and Google into AI projects, these tokens are gaining credibility within various sectors including cryptography.
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