Due to increasing interest in artificial intelligence (AI) technology, numerous innovative technologies and improvements are being introduced. This trend is reflected in the crypto market, where new AI-focused cryptocurrencies are emerging and gaining significant attention from crypto investors.
Why is there growing interest among investors in AI-based cryptocurrencies, and could they potentially take over the cryptocurrency market? Let’s explore this topic in today’s blog post.
Overview Of the AI Crypto Market
Over the past few months, the worth of AI cryptocurrencies in the market has significantly increased. As reported by CoinmarketCap, the total market capitalization of these AI cryptos currently exceeds $36.5 billion. In just the last day, there was a remarkable surge of over 18% in market cap, and the trading volume reached an impressive $3.9 billion.
In simpler terms, the AI market is still young yet rapidly growing in appeal for investors. Notable AI-focused cryptocurrencies such as Near Protocol, Bittensor, Render, The Graph, and Injective contribute significantly to its total value.
The price of NEAR (Near protocol) is at the moment $5.69, giving it a total market value of around $6 billion. In comparison, TAO (Bittensor) is trading at approximately $569 and has a market cap of roughly $3.8 billion. Additionally, RNDR (Render) and GRT (The Graph) are currently priced at about $9.53 and $0.28 respectively, with market caps of around $3.6 billion for Render and $2.7 billion for The Graph.
In addition to this option, there are other noteworthy AI coin projects that have gained significant attention from crypto investors. Some of these include Fetch.ai, SingularityNet, and Theta Network.
Why AI Cryptocurrencies Will Boom?
Based on current trends in the market, such as price fluctuations and consumer interest, experts predict a rising demand for AI cryptocurrencies in the near future.
Industry Development and Support From World Leaders
Every tech enthusiast is abuzz with the subject of Artificial Intelligence as leading companies like Google, Microsoft, OpenAI, and XAI actively invest in and advance this field.
XAI is currently drawing attention among these businesses due to Elon Musk’s consistent backing of cryptocurrencies. He has established relationships with two artificial intelligence companies: XAI and OpenAI. OpenAI, which includes ChatGPT and SORA, is now headed by Sam Altman. (ChatGPT and SORA are projects developed by OpenAI.)
Due to the significant focus on AI technology, the value of AI-based cryptocurrencies surges with each new development or announcement. For instance, Sam has recently introduced an AI token named Worldcoin (WLD), which further fuels the intrigue of major corporations towards this niche sector.
The founder of crypto wallet Frontier, Ravindra Kumar, once said,
The growth opportunity around the AI and Web3 space combines early interest, potential, and hype
Vitalik Buterin shared his enthusiasm for AI technology in a post on X. He expressed particular excitement about the potential of AI to aid in the formal verification of code and the identification of bugs. This could potentially address major technical challenges that Ethereum faces with regards to issues in its code.
An aspect of AI that intrigues me is its capability to aid in the meticulous verification of code and identification of bugs through automated formal processes.
Currently, Ethereum’s most significant technical challenge likely stems from coding errors. Discovering a solution or innovation capable of drastically altering this situation would be incredibly exciting.
— vitalik.eth (@VitalikButerin) February 19, 2024
Unique Functionality of AI Cryptocurrencies
AI-driven cryptocurrencies possess the same capabilities as traditional digital currencies, yet they offer extra functionalities. They operate on intelligent platforms equipped with AI technology, enabling them to learn and adapt from transactions. In simpler terms, AI cryptocurrencies not only perform regular currency functions but also continuously improve through machine learning.
Additionally, Artificial Intelligence (AI) cryptocurrencies employ machine learning techniques to examine data and generate forecasts. Consequently, they become adept at identifying patterns in the crypto market, thereby offering informed investment advice.
In addition, AI cryptocurrencies utilize blockchain and Smart Contracts for enhanced security and transparency in their networks.
Conclusion
Despite the volatile crypto market’s challenges lately, AI cryptocurrencies have been relatively unaffected. With rising interest and popularity, it’s expected that AI cryptocurrencies will carve out a more significant role within the crypto market.
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2024-04-15 15:52