The Value of AI Cryptocurrencies Continues to See Steady Growth
Over the past 30 days, AI-focused crypto assets have continued to see gains following a brief downturn in mid-February 2023. With 74 listed AI-focused cryptocurrencies, the net value of all these tokens has surpassed $4 billion, accounting for 0.37% of the entire crypto economy's value
The rise in value of AI cryptocurrencies has been largely driven by increased development in the sector, sparked by the initial success of the text-based platform ChatGPT. This has resulted in an inflow of capital into cryptocurrencies associated with artificial intelligence.
Data from Crypto Slate shows that as of March 1, the market cap for AI-centered digital assets had surpassed $4 billion, making up 0.37% of the entire crypto economy's value and 1.19% of the smart contract token market. The majority of the 74 listed AI-focused cryptocurrencies have experienced positive gains in the last month. The largest AI-focused digital currency is currently Graph (GRT), with a market valuation of approximately $1.42 billion. Other high-ranking AI cryptocurrencies include SingularityNET's native token AGIX ($611.59 million) and Fetch.ai's FET token ($371.89 million).
While AI cryptocurrencies have seen significant growth, some analysts remain skeptical about their overall potential. Success in the sector is tied to future developments in the world of AI.
Investor interest, potential, and hype are driving growth opportunities around AI, and the sector is seeing the emergence of innovative and compelling use cases highlighted by ChatGPT. However, the trajectory of the tokens' prices will rely on overall market sentiments. Notably, the crypto market rally in 2023 has slowed down as the sector battles fresh macroeconomic concerns.