In just a span of 12 days, the artificial intelligence (AI) cryptocurrency market cap has surged from $6.08 billion to its current value of $7.15 billion. The main driver behind this growth is the remarkable performance of bittensor (TAO), which saw a significant 31.6% increase against the U.S. dollar in the past week.
Over a billion dollars has flowed back into the AI-focused crypto economy. This positive trend comes after a slump on January 22, 2024, when the AI-crypto market value had dropped to $6.08 billion, losing nearly a billion dollars since the beginning of the month.
However, current figures tell a different story, with the AI-driven crypto sector now boasting a valuation of $7.15 billion, marking an impressive increase of around 17.59% in just 12 days. Currently, bittensor ( $TAO) leads the pack with the highest market capitalization among AI-focused digital currencies, reaching approximately $2.73 billion.
Bittensor, functioning as a decentralized machine learning protocol, aims to revolutionize the creation of machine learning infrastructures. In the past week alone, TAO has experienced a remarkable rise of 31.6%, and since the beginning of the year, the crypto asset has appreciated by 61.7% against the U.S. dollar.
On the flip side, the second-largest AI-dedicated token, the graph ( $GRT ), saw a slight decline of 1.66% over the week, while the third-largest, fetch ($FET), experienced a decrease of 8.88%. GRT operates as an open-source indexing protocol coin, and FET serves as a token for the decentralized machine learning platform known as the Fetch.ai Network.
Singularitynet ($AGIX), a coin for the decentralized AI marketplace, registered a 2.01% increase this week. In contrast, ocean protocol ($OCEAN), the governance token for the decentralized data exchange platform, witnessed a 2.24% decrease over the last seven days. Besides 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 growing interest in AI cryptocurrency assets stems from the intersection of artificial intelligence (AI) with the cryptocurrency and blockchain arena, giving rise to this unique class of digital assets. These tokens play a vital role in supporting AI-centric projects, applications, and services across a blockchain environment, facilitating transactions, governing protocols, and promoting innovation within the ecosystem.
The increasing market fascination with AI crypto assets is further emphasized by substantial investment predictions, hinting at a potential surge in AI spending to trillions in the coming decade. Archived data reveals that since February 28, 2023, the AI crypto sector has grown by $3.09 billion in value.
