The market capitalization of the AI crypto sector has more than doubled to $25.1 billion in less than a month, as the world remains obsessed with developing AI technology, according to data from CryptoSlate.
Overall, the market is up about 150% from $9.64 billion on February 16th.
The sector has also seen short-term growth, rising by 5.42% in the past 24 hours and 23.88% in the past 7 days.
The top six AI-related tokens by market capitalization are Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch (FET), SingularityNet (AGIX), and WorldCoin (WLD).
Internet Computer (ICP)
Internet Computer has announced several AI-related initiatives in recent months. Its efforts primarily focus on creating decentralized AI by running large language models (LLMs) on-chain as smart contracts.
ICP has risen 13.2% over the past week, giving it a market cap of $6.9 billion.
Bitensor (TAO)
Bittensor aims to build decentralized machine learning networks and has been one of the best performing projects in recent months. The project was in the early stages of development but was confirmed by Ethereum creator Vitalik Buterin in February.
Bitensor’s native token TAO has gained 19.91% over the past week, giving it a market cap of $4.7 billion.
Graph (GRT)
The Graph (GRT) is a project that indexes blockchain data for use in a variety of applications. Although the project is not solely related to AI, the developers described the project's AI uses in his March 2023 article, including automating decision-making and minimizing barriers to entry for data access. Did.
GRT has gained 20.42% over the past week, giving it a market cap of $3.3 billion.
Fetch.AI (FET)
Fetch.AI is a blockchain project that provides various AI apps and services, including AI agents. Fetch.AI recently announced his $100 million infrastructure investment that will bring new graphics processing units (GPUs) to the project. We also plan to reward FET token holders.
FET has gained 78.96% over the past week, giving it a market cap of $2.2 billion.
Singularity Net (AGIX)
SingularityNET is a blockchain-based decentralized marketplace for AI services. There hasn't been much progress on the project recently, but founder Ben Goertzel headlined the Beneficial AGI Summit in Panama in late February. This may have helped the project's recent growth.
AGIX has gained 63.95% over the past week, giving it a market cap of $1.5 billion.
World Coin (WLD)
Worldcoin is a biometric ID project that provides crypto rewards to users. Spain temporarily banned WorldCoin data collection on March 6th, which may have led to a 24-hour loss in WLD tokens.
Furthermore, Elon Musk sued Sam Altman's OpenAI on March 1st, which coincided with the drop in WLD prices. These losses occurred despite the fact that there was no formal relationship between OpenAI and Worldcoin beyond Mr. Altman's leadership role in both companies.
WLD has fallen 6.19% over the past week, giving it a market cap of $1.1 billion.
Broader AI trends
The market growth described above has occurred in parallel with various industry-wide developments in the AI industry, all of which may have generated widespread hype and indirectly benefited the price of AI tokens. there is.
Anthropic AI released version 3 of Claude AI on March 4th, and its advanced awareness created a lot of buzz. Meanwhile, OpenAI recently debuted Sora, a text-to-video service. This continues to garner attention as the company releases new video samples in the following days.
AI spending continues to rise around the world, with the US government recently announcing that it would allocate $30 million for AI chip manufacturing and India allocate $1.2 billion for AI development.
AI tokens are also benefiting from overall crypto market growth, as Bitcoin (BTC) has returned to price levels last seen during the 2021 bull market. The leading cryptocurrency briefly hit new highs a few weeks before its March 5 halving, marking the first time this has ever happened.
