The Rise and Decline of AI Cryptos in 2023

The Rise and Decline of AI Cryptos in 2023


A.I. Crypto: A Decline in Worldwide Trade Volumes

The AI-based digital currency market has experienced a whole lot of downturn since early 2023. As of now valued at $2.28 billion, it has retreated by approximately $1.72 Billion since February 2023.

This coming week, eight out of the top 10 AI-focused digital currency tokens have suffered losses. Notably, the digital token numeraire (NMR) has plummeted by 37.47% in the past 7 days.

In terms of  market capitalization, the leading A.I. token, graph (GRT), has declined by 2.62%, while the second- largest A.I. token has seen a 5.46% fall. Nonetheless, two tokens, dkargo and phala network, experienced small gains against the United States dollar.

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Subdued Trade Volumes for A.I. Cryptocurrencies

The overall AI-centric cryptocurrency market has witnessed a collective decline of 5.74% in the last week, with a 3.37% dip in the previous day. Trade volumes for AI-related digital currencies have been particularly subdued throughout August, according to cryptocurrency firm Kaiko.

Compared to the surge in trade volume in January and February 2023, the present 24-hour trade volume sits at $159.11 Million, a whole lot of decrease from the $1.6 Billion recorded on February 9, 2023.

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Hot Take

The decline in AI-based digital currencies outlines the volatility of the cryptocurrency market. Although while they at the beginning showed promise, the subsequent downturn reminds us of the challenges and uncertainties that come with this ever-evolving digital landscape.

Author – Contributor at | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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