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In the span of just 12 days, the market cap of the artificial intelligence (AI) cryptocurrency sector has risen from $6.08 billion to its present valuation of $7.15 billion. This growth is primarily attributed to the impressive performance of bittensor (TAO), which saw a notable increase of 31.6% against the U.S. dollar in the past week.
Over a Billion Comes Back to the AI-Centric Crypto Economy
The collective market value of 81 distinct AI-focused cryptocurrency assets is on an upward trajectory. This growth comes on the heels of a slump the sector experienced on Jan. 22, 2024. Back then, the AI-crypto marketβs worth had dwindled to $6.08 billion, shedding almost a billion dollars since the monthβs onset.
Current figures, however, depict a stark contrast, with the AI-driven crypto niche now boasting a valuation of $7.15 billion, marking an increase of approximately 17.59% in 12 days. Currently, bittensor (TAO) boasts the highest market capitalization among AI-focused digital currencies, reaching approximately $2.73 billion.
As a decentralized machine learning protocol, Bittensor seeks to revolutionize the creation of machine learning infrastructures. In the past week, TAO has experienced a rise of 31.6%, and from the beginning of the year to date, the crypto asset has appreciated by 61.7% when compared to the greenback.
On the other hand, the second-largest AI-dedicated token, the graph (GRT), has witnessed a slight decline of 1.66% over the week, while the third-largest, fetch (FET), has seen a decrease of 8.88%. GRT operates as an open-source indexing protocol coin, while FET serves as a token for the decentralized machine learning platform known as the Fetch.ai Network.
Singularitynet (AGIX), a coin for the decentralized AI marketplace, has registered a 2.01% increase this week. Conversely, ocean protocol (OCEAN), the governance token for the decentralized data exchange platform, experienced a 2.24% decrease over the last seven days. Apart from TAO, other AI-focused cryptocurrencies that stood out with significant gains this week include iexec rlc (RLC), which spiked by 11.22%, and numeraire (NMR), which ascended by 28.65%.
The surge in interest for AI cryptocurrency assets stems from the convergence of artificial intelligence (AI) with the cryptocurrency and blockchain arena, giving birth to this distinctive class of digital assets. These tokens are claimed to be instrumental in backing AI-centric projects, applications, and services across a blockchain environment, aiding in transaction facilitation, protocol governance, and the promotion of innovation within the ecosystem.
The escalating market fascination with AI crypto assets, in general, is underscored by substantial investment predictions, indicating that spending on AI could soar to trillions in the coming decade. Archived data shows, since Feb. 28, 2023, the AI crypto sector has swelled by $3.09 billion in value.
What do you think about the AI crypto sector growing by $1 billion in the last 12 days? Let us know what you think about this subject in the comments section below.
