UpdatesFeb 18, 2023

The market capitalization of AI-related cryptocurrencies has exceeded $5 billion

The synergy between artificial intelligence and blockchain technology is growing.

The technological progress related to artificial intelligence has been talked about almost everywhere in recent months. Every economics conference that discusses current and future trends brings up the topic of AI. Artificial Intelligence came to the cryptocurrency sector a few years ago, but only at that time the tokens related to it have a chance to record really big increases.

The value of AI-related cryptocurrencies is increasing

Tokens related to projects that use solutions offered by artificial intelligence (AI) are gaining more and more interest from investors. Over the past week, hundreds of AI-related tokens have experienced massive increases in prices, bringing their total market capitalization to $5.1 billion.

The clear leader in this market is currently GRT, which is the native token of The Graph protocol, whose function is to index questions from users from different blockchains. This asset is currently ranked 44th by market capitalization in the digital currency sector. Its market cap is currently USD 1,507,818,663 and today it is trading at USD 0.171038, up 4.58% on a weekly basis. Within a month, the token gained in value by 119.62%. What's more, in the last 7 days, this cryptocurrency has recorded over 2,000 new addresses, which only confirms its attractiveness in the eyes of investors.

The second most popular AI-related token is AGIX from the Singularity NET project. It has grown by 800% since the beginning of the year. It is currently valued at $0.439843. Within a month, its share price increased by 107.94%. Despite currently occupying 90th place on the TOP100 list among cryptocurrencies, the price rally of this digital asset is driven more by the hype related to artificial intelligence than by significant changes in the project's ecosystem. Since the beginning of 2023, this token has gained in value by over 800%.

What will the combination of cryptocurrencies and AI bring?

To quote Forbes, "artificial intelligence and cryptocurrencies are sectors with an almost infinite amount of hype around these phenomena." The joint merger of these technology industries in the form of AI tokens may lead to dynamic price jumps of these assets, if not now, then in the future.

A series of recent announcements, such as that of Microsoft's billion-dollar investment in AI research, may have contributed to the breakout of artificial intelligence-related cryptocurrencies. Similarly, Google recently announced that it is working on a solution that will rival the bot from OpenAI, the already famous ChatGPT, which is to be called Bard. News about this type of activities on the part of Google only fueled the interest of investors in this sector.

– Projects combining blockchain and AI technologies have many advantages and a promising future. In recent times, tools like ChatGPT have been creating a sense of interest and FOMO around anything related to artificial intelligence, says Vasco Lopes, a researcher at the Lisbon-based NOVA technology university

The information provided on Twitter by the president of OpenAI shows that ChatGPT, after 5 days from its launch on November 30, already had one million users.

Although for now there is less coexistence of factors that can affect the interaction effect of blockchain and cryptocurrency technologies in combination with artificial intelligence, many analysts believe that AI will serve the web3 sector to expand the user experience in the Metaverse.