Bittensor soars 220% in 2024, AI crypto sector market cap approaches $10 billion

The AI ​​blockchain sector is approaching a $10 billion market cap following the meteoric rise of Bittensor, which has risen 140% in the past 30 days. The native token TAO has a market capitalization of over $4 billion and reached an all-time high of $698 on February 15th, before returning to around $659 at the time of writing.

The top five AI crypto projects by market capitalization are Bittensor, The Graph, Fetch.ai, SingularityNET, and Ocean Protocol. All five companies are up more than 10% in the past seven days, with Bittensor and SingularityNET up 31% and 35%, respectively.

Bitensor (TAO)

Bittensor is a Polkadot board-based project that combines blockchain technology and AI to create a decentralized machine learning network. This initiative aims to revolutionize the development and use of machine learning platforms by decentralizing the process and fostering a collaborative environment where the collective intelligence of AI models can be harnessed and shared. At the heart of Bittensor's ecosystem is his TAO token, which incentivizes developer contributions and model quality, essentially acting as a measure of the network's collective intelligence and knowledge.

Graph (GRT)

Graphs are designed to index and query data from blockchains, making it easier to retrieve complex information that is difficult to query directly. This is an important layer for decentralized applications (dApps) that need to access blockchain data efficiently. Graph uses its native token, GRT, to facilitate data indexing and querying. Projects with complex smart contracts, such as Uniswap and various NFT initiatives, will greatly benefit from The Graph's ability to facilitate complex data queries beyond basic blockchain read operations.

Fetch.ai (FET)

Fetch.ai integrates artificial intelligence to automate and optimize various tasks and processes across multiple sectors such as transportation, supply chain, and healthcare. We aim to build a decentralized digital economy powered by autonomous software agents. These agents can perform tasks autonomously, facilitating a self-sustaining economy. The FET token, an ERC-20 utility token, is used to power transaction and computational services within the Fetch.ai ecosystem. Fetch.ai's technology is relevant to many industries, and we aim to revolutionize industries by leveraging AI and machine learning.

SingularityNET (AGIX)

SingularityNET is a decentralized AI marketplace that allows you to create, share, and monetize AI services at scale. The company uses its utility token, his AGIX, to incentivize transactions, decentralized governance, and the provision of liquidity for the platform. The platform supports a variety of AI services and allows developers to expose and integrate AI services into a variety of applications. SingularityNET aims to accelerate the development of artificial general intelligence (AGI) to create beneficial technological singularities. It emphasizes an ethics-first approach and makes AI technologies accessible and practical for everyone.

Ocean Protocol (OCEAN)

Ocean Protocol aims to democratize data, allowing individuals and businesses to share and monetize data and database services. This protocol provides a secure platform for data exchange. It aims to unlock the value of data by giving data owners control while making it available. By fostering a secure and transparent data sharing environment, Ocean Protocol aims to power a new data economy where data can be freely shared and monetized, fostering innovation and driving growth across a variety of industries. I am.

Global surge in AI investment continues

As NVIDIA, a key cog in the AI ​​hype wheel, prepares to report earnings on February 21st, hopes are high among investors that record profits will continue. NVIDIA has experienced significant growth over the past year, with the stock increasing by 230.23%. The company's last earnings report beat expectations, with earnings per share of $4.02 versus the estimate of $3.36, reflecting a positive surprise of 19.64%. The company is expected to report $4.52 per share in its upcoming earnings release, which would represent an increase of 413% from the prior year.

Other AI-related companies, such as the semiconductor sector, are also on the rise throughout 2024. For example, Taiwan Semiconductor Manufacturing Company (TSM), a leading AI technology component maker, is up 30% since January 1st.

Additionally, OpenAI announced Sora, a new text-to-video model, on February 15th, introducing the ability to create lifelike video scenes up to one minute long and multiple camera angles. The sample video goes far beyond many current generated video solutions and signals another big leap forward in generated content.

The rapid progress in centralized AI development may be driven in part by a resurgence of decentralized AI projects that investors want to keep up with.

Disclaimer: The author owns a small amount of TAO.