The value of artificial intelligence (AI) cryptocurrencies has soared amid increased development in the industry, triggered by the initial success of the text-based ChatGPT platform. Following the hype around AI, cryptocurrencies in the industry have registered more and more capital inflows.
The crypto market has increased by $ 1.6 billion in 1 month! What’s next?
According to the data of Crypto Slate, especially as of March 1, the market value of artificial intelligence-centered digital assets exceeded $ 4 billion and reached $ 4.18 billion.
Using the web archive tool, Finbold determined that the market cap represents an inflow of approximately $1.62 billion from $2.56 billion recorded on January 27. The value represents a growth of approximately 63%. At the same time, capital inflows saw the dominance of the AI sector in the crypto market increase from 0.24% to 0.39%.
The best artificial intelligence cryptocurrencies. Source: CryptoSlate.com
The breakdown of specific cryptocurrencies shows The Graph token has the highest market cap of $1.38 billion, trading at $0.15642. In addition to supporting the AI domain, the protocol’s native token GRT can be used to earn fees for staking, payments within the network, and investing it in a binding curve and empowering indexers.
Other top AI cryptocurrencies include SingularityNET’s native token AGIX ($611.59 million) and Fetch.ai’s FET token ($371.89 million).
AI cryptocurrency growth drivers
While AI cryptocurrencies have seen significant growth, it’s worth noting that a few analysts remain skeptical about their overall potential. Currently, sustainable success depends on future developments in the world of artificial intelligence.
Overall, the growth opportunity around AI is a combination of investor interest, potential, and deception. Meanwhile, the industry is witnessing the emergence of innovative and compelling use cases highlighted by ChatGPT.
At the same time, the token’s price trajectory will depend on the overall market sentiment. Notably, the crypto market rally in 2023 has slowed as the industry struggles with new macroeconomic concerns.
However, with a previous Finbold report highlighting the top 5 artificial intelligence (AI) cryptocurrencies to watch out for in 2023, AI tokens are still worth keeping an eye on despite such huge gains already.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.