The realm of the crypto economy dedicated to artificial intelligence (AI) has demonstrated remarkable growth over the last month. During this period, the market capitalization of AI-focused crypto assets has surged by $1.75 billion.
Among the top ten AI tokens, a substantial number have witnessed significant expansion. In fact, half of them achieved double-digit gains. Noteworthy among these is the Graph ( GRT ), which has emerged as the leader, showcasing a 41% increase in December. This surge underscores the dynamic and flourishing intersection of artificial intelligence and the crypto market. It also indicates a robust trajectory for AI-focused cryptocurrencies .
AI Crypto Market Cap Boom
The transformative power of AI has extended to the cryptocurrency realm, with the market cap of AI-focused tokens reaching $7.04 billion as we embark on 2024. This represents a climb from its valuation of just $1.1 billion a year ago, marking a growth rate of 540%. Notably, a substantial portion of this surge – $1.75 billion – occurred within the last 34 days.
At the heart of this stands The Graph (GRT), commanding a market valuation of $2 billion and exhibiting a 10% increase in the past day (January 8 2024) alone. GRT’s dominance extends beyond the current day, as it has surged by a formidable 40.73% against the greenback over the last month, solidifying its position as the top-performing token among the top ten.
Fetch (FET) has also experienced significant growth, ascending by 34% over the month, while AGIX and OCEAN have registered more modest gains of 5.9% and 4.5%, respectively.
Not A Uniform Rise
While the overall trend has been positive, not all AI tokens have enjoyed the same level of success. Bittensor (TAO) experienced a decline of 21% last month, but a recent rebound of 3% has sparked optimism among holders. Covalent (CQT) has bucked the downward trend, enjoying a 21% hike over the past month. While the newcomer, PAAL, has marked an 8.9% increase for the month and a 53% surge over the past week.
On the other hand, IMGNAI has witnessed a substantial 46% decline in the last 30 days, and BBANK has decreased by 39% against the greenback.
The year 2023 witnessed an era of prosperity within the crypto economy, with AI-related assets seemingly turning to gold. As we approach 2024, the trajectory of this momentum remains uncertain. But the AI crypto sector, undoubtedly one of the most rapidly growing areas in the digital asset landscape, continues to present both intrigue and potential.
With its ability to revolutionize various industries, from finance to healthcare, AI-driven cryptocurrency is poised to play a significant role in shaping the future of the crypto economy.
Innovative Projects To Monitor
The convergence of artificial intelligence and blockchain technology is giving rise to a new wave of innovative crypto projects. These will transform industries and reshape the digital landscape. These projects harness the power of AI to enhance security, optimize trading strategies, and automate various tasks within the blockchain ecosystem.
As we venture deeper into 2024, here are some of the most promising AI crypto projects to keep an eye on:
The Graph (GRT)
The Graph (GRT) is an open-source decentralized protocol for indexing and querying data from blockchains. It serves as a crucial infrastructure for building decentralized applications (DApps) on Ethereum and other blockchains. The Graph’s main function is to create and maintain a network of open APIs known as subgraphs. They store and organize blockchain data in a searchable manner. This enables developers to access and analyze blockchain data efficiently, without having to manage their own data storage and retrieval infrastructure.
Fetch.ai (FET)
Fetch.ai is a decentralized autonomous organization (DAO) that utilizes AI to automate tasks and optimize resource allocation within the IoT (Internet of Things) and financial markets. The platform uses AI algorithms to power smart contracts. It enables decentralized autonomous agents (DAAs) to perform complex computations and drive intelligent decision-making. FET is the native token of the Fetch.ai ecosystem, used for governance, transaction fees, and rewarding network participants.
Phala Network (PHA)
Phala Network is a privacy-preserving blockchain platform that utilizes secure multi-party computation (SMPC) to enable confidential computing on the blockchain. This allows users to share data securely without compromising privacy or control. The platform utilizes AI to optimize data processing and resource allocation, ensuring efficient and scalable operations. PHA is the native token of the Phala Network ecosystem, powering transactions, staking, and governance.
SingularityNET (AGIX)
SingularityNET is a decentralized platform that connects AI service providers and users, enabling seamless collaboration and the exchange of AI algorithms. The platform utilizes blockchain technology to ensure secure and transparent transactions, fostering trust and collaboration among AI stakeholders. AGIX is the native token of the SingularityNET ecosystem, powering its governance and utility.
Ocean Protocol (OCEAN)
Ocean Protocol is a decentralized protocol for data sharing and exchange. It utilizes blockchain technology to create a secure and transparent marketplace. In it, users can buy, sell, and share data assets securely. The platform employs AI to automate data discovery, pricing, and access control, empowering data owners and consumers to make informed decisions. OCEAN is the native token of the Ocean Protocol ecosystem, used for staking, governance, and data monetization.
iExec RLC (RLC)
iExec RLC (RLC) is a decentralized cloud computing platform that enables users to rent out their idle computing resources to execute smart contracts and run distributed applications. The platform uses AI to optimize resource allocation and ensure secure and efficient computations. RLC is the native token of the iExec RLC ecosystem, used for staking, transaction fees, and rewarding network participants.
Covalent (CQT)
Covalent is an open-source data aggregator that provides developers with a single API to access and connect to multiple blockchains and data sources. The platform makes use of AI to aggregate, normalize, and analyze data from various blockchains. It also allows developers to build applications that leverage real-time blockchain data. CQT is the native token of the Covalent ecosystem, used for staking, governance, and transaction fees.
Numeraire (NMR)
Numerai is a decentralized platform that utilizes AI to predict financial markets. The platform’s machine learning models are trained on a massive dataset of historical market data, enabling them to identify patterns and predict future price movements. NUM is the native token of the Numerai ecosystem, used for staking, governance, and rewarding data providers. Numeraire is the coin powered by Numerai.
dKargo (DKA)
dKargo is a decentralized logistics platform that utilizes blockchain technology and AI to streamline supply chain operations. The platform provides a secure and transparent marketplace for shippers, carriers, and other logistics stakeholders to connect and collaborate. DKA is the native token of the dKargo ecosystem, used for transaction fees, staking, and governance.
Cortex (CTXC)
Cortex (CTXC) is an open-source, peer-to-peer, decentralized blockchain platform that supports the execution of AI algorithms and AI-powered dApps. It aims to democratize AI by making it easier for developers to integrate AI into their applications. Cortex uses a unique Proof-of-Endorphin (PoE) consensus mechanism that rewards miners for solving complex AI problems instead of simply validating transactions. This allows Cortex to support a wider range of AI applications than traditional blockchains.
These are just a few of the many innovative AI crypto projects that are emerging in the market. As the technology continues to evolve, we can expect to see even more groundbreaking applications emerge in the years to come.
Top AI Cryptocurrencies
Here are the top three AI cryptocurrencies per market cap:
