Investing in AI-Based Altcoins on a Budget? These Tokens Can Build $1,000 Portfolio

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As a seasoned crypto investor with a keen interest in artificial intelligence (AI) and its potential impact on the blockchain space, I’m excited to see the recent surge of AI-based altcoins. The convergence of these two rapidly evolving markets is a game-changer, and I firmly believe that this trend will continue gaining momentum as we approach the next crypto bull run.

The surge in advancements within the artificial intelligence sector has led to a renewed interest in AI-driven altcoins, which are poised to thrive during the upcoming crypto bull market. Notable examples like Render (RNDR) have already experienced significant growth and it’s debatable whether they can continue climbing at such rates.

However, AI trends show that as AI-powered projects merge with crypto and blockchain, more value will be captured in the crypto space. Besides, AI is just one of the many narratives driving this market and is poised to tap into the humongous TradFi liquidity. Here are 3 AI-based altcoins to build a $1000 portfolio.  

1. AI-Based Altcoins – Akash Network (AKT)

I, as a researcher, would describe Akash Network as a decentralized marketplace for cloud computing services that runs on the Cosmos SDK and interacts with the Cosmos Inter-Blockchain Communication (IBC) hub. Beyond artificial intelligence (AI), Akash Network has its foundations in decentralized physical infrastructure networks (DePIN). Additionally, it is a proof-of-stake (PoS) network, allowing AKT token holders to take part in network decision-making processes through their tokens.

Regarding the AI functionality of the network, Akash establishes a hosting platform for artificial intelligence, which he refers to as an AI-focused GPU marketplace. Users have the opportunity to lease out their underutilized GPU resources to individuals primarily comprised of AI developers in need.

Investing in AI-Based Altcoins on a Budget? These Tokens Can Build $1,000 Portfolio

The current price of AKT is $3.58, representing a 1.6% decrease over the past 24 hours. With a market capitalization of $870 million, AKT can be considered an affordable alternative to Render Network, which currently boasts a valuation of $3 billion. The recent price movement of AKT has formed a double top pattern and could potentially initiate a new upward trend.

2. Render Network (RNDR)

In simple terms, Render Network is the leading AI-driven platform in the cryptocurrency sector for altcoins. Similar to Akash Network, Render bridges the gap between artists, programmers, and individuals requiring GPU capabilities, and those willing to lease out theirs. Additionally, Render is renowned for its high efficiency when it comes to rendering digital artwork.

Artists, architects, and interior designers can now save thousands of dollars by utilizing a render network to expedite rendering processes that previously took days, reducing the time to less than an hour. In a groundbreaking collaboration announced in June 2023, this AI blockchain project has teamed up with industry giants Apple and NVIDIA, the world’s foremost manufacturer of AI computer chips.

Investing in AI-Based Altcoins on a Budget? These Tokens Can Build $1,000 Portfolio

As a researcher studying the cryptocurrency market, I’ve noticed an impressive surge in the value of RNDR tokens over the past year. Reaching an unprecedented peak price of $13.17 during the January-March mini bull run, it experienced a pullback since then. However, despite this correction, the token is still holding strong at roughly half its all-time high price.

At the current moment, the value of RNDR stood at $6.59, marking a 2.2% rise over the previous 24 hours. Notably, the graph of RNDR’s price displayed a double top formation in the past four months. This potential trend reversal could offer investors an attractive entry point around the price level of approximately $4.

3. AI-Based Altcoins – Bittensor (TAO)

Bittorus operates using the same economic model and reward mechanism as Bitcoin, harnessing the power of GPUs to fuel decentralized artificial intelligence and pose a challenge to tech giants. Positioned uniquely as the most feasible initiative with a fully operational system and strategic goals, Bittorus draws attention as a potential competitor for major technology corporations. There are rumors that FET, OCEAN, and AGIX have joined forces to form the Artificial Superintelligence Alliance, aiming to rival Bittorus in this arena.

The TAO token enables investors to earn around a 15% annual percentage rate (APR) through staking. This means that token holders can purchase, deposit, and watch their returns grow. However, the value of TAO took a substantial hit in recent times due to a wallet vulnerability, resulting in the network entering a protective mode.

Investing in AI-Based Altcoins on a Budget? These Tokens Can Build $1,000 Portfolio

The cost of TAO plummeted by 16% after the hack announcement, reaching $200. The unpredictability of Bitcoin added to the downward trend. However, this week saw a recovery for TAO with a $265 value during European trading hours on Wednesday, representing a 7.5% rise in just 24 hours. Bittensor is broadening its subnets beyond the original 32, allowing TAO to provide a diverse range of AI projects on its network. This expansion could potentially rival entire AI companies.

The TAO price graph indicates a level of support approximately at $200, where the price bounced back. Yet, this chart appears to be shaping up as a head-and-shoulders formation, which historically is not a bullish sign. Consequently, there could be a downward trend, presenting an opportunity for investors to buy this artificial intelligence-driven altcoin at potentially lower prices before it experiences significant growth in the upcoming bull market.

Conclusion

As a researcher studying the cryptocurrency market, I’ve noticed an increasing buzz around AI-driven altcoins due to recent breakthroughs in artificial intelligence technology. With the next bull run on the horizon, these tokens are poised to make a splash by combining AI with blockchain. Among the most intriguing AI-infused altcoins, Akash Network (AKT), Render Network (RNDR), and Bittensor (TAO) have caught my attention as strong contenders for growing a $1,000 portfolio.

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2024-07-10 14:04