The AI crypto sector is experiencing a massive surge in market cap, with the combined value reaching a staggering $25.1 billion in less than a month. This represents more than a doubling of the market cap from $9.64 billion on Feb. 16, according to data from CryptoSlate.
The sector has seen significant short-term growth, with gains of 5.42% over the past 24 hours and 23.88% over the last seven days. The six largest AI-related tokens by market cap are Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch (FET), SingularityNet (AGIX), and WorldCoin (WLD).
Internet Computer (ICP) has been making strides in creating decentralized AI by running Large Language Models (LLMs) as smart contracts on-chain. The project has seen a 13.2% increase in the past week, with a market cap of $6.9 billion.
Bittensor (TAO) aims to create a decentralized machine-learning network and has garnered attention from Ethereum creator Vitalik Buterin. The project’s native token TAO has seen a 19.91% increase in the past week, with a market cap of $4.7 billion.
The Graph (GRT) indexes blockchain data for various applications and has described its potential uses for AI in automating decision-making and data access. GRT has seen a 20.42% increase in the past week, with a market cap of $3.3 billion.
Fetch.AI (FET) provides AI apps and services, recently announcing a $100 million infrastructure investment. FET has surged by 78.96% in the past week, with a market cap of $2.2 billion.
SingularityNet (AGIX) is a decentralized marketplace for AI services, with founder Ben Goertzel headlining the Beneficial AGI Summit. AGIX has seen a 63.95% increase in the past week, with a market cap of $1.5 billion.
Worldcoin (WLD) offers biometrics ID and crypto rewards, facing challenges such as a temporary ban in Spain and a lawsuit involving Elon Musk’s OpenAI. WLD has seen a 6.19% decrease in the past week, with a market cap of $1.1 billion.
The growth in the AI crypto sector coincides with broader industry trends, including advancements in AI technology such as Anthropic AI’s Claude AI version 3 and OpenAI’s text-to-video service Sora. Additionally, global AI spending is on the rise, with governments like the US and India investing heavily in AI development.
Overall, AI tokens have benefited from the general growth in the crypto market, with Bitcoin returning to price levels from the 2021 bull run. This surge in the AI crypto sector reflects the increasing interest and investment in AI technology worldwide.
