The AI blockchain industry is on the verge of reaching a \(10 billion market cap, driven by the remarkable surge of Bittensor, which has soared by 140% in the last 30 days. The native token TAO surpassed a market cap of \)4 billion, hitting an all-time high of \(698 on Feb. 15 before retracting to approximately \)659 at present.
Top AI cryptocurrencies by market cap
The leading five AI digital currency projects by market cap include Bittensor, The Graph, Fetch.ai, SingularityNET, and Ocean Protocol. All five have experienced growth of over 10% in the past week, with Bittensor and SingularityNET notably rising by 31% and 35%, respectively.
Bittensor (TAO)
Bittensor, a Polkadot substrate-based initiative, merges AI with blockchain technology to establish a decentralized machine learning network. This project aims to transform the landscape of machine learning platforms by decentralizing the process and fostering collaboration among AI models. At the core of Bittensor’s ecosystem lies the TAO token, which incentivizes developers’ contributions and the quality of their models, essentially serving as a gauge of the network’s collective intelligence and knowledge.
The Graph (GRT)
The Graph specializes in indexing and querying blockchain data, simplifying the retrieval of complex information that is challenging to query directly. It plays a crucial role for decentralized applications (dApps) requiring efficient access to blockchain data. By using GRT, its native token, The Graph incentivizes data indexing and querying, benefiting projects with intricate smart contracts like Uniswap and various NFT initiatives.
Fetch.ai (FET)
Fetch.ai integrates AI to automate and optimize tasks across diverse sectors such as transportation, supply chain, and healthcare. Its goal is to establish a decentralized digital economy driven by autonomous software agents capable of executing tasks independently, thereby promoting a self-sustaining economy. Within the Fetch.ai ecosystem, the FET token, an ERC-20 utility token, powers transactions and computational services, aiming to revolutionize industries by leveraging AI and machine learning.
SingularityNET (AGIX)
SingularityNET operates as a decentralized AI marketplace enabling the creation, sharing, and monetization of AI services at scale. It leverages AGIX, its utility token, for transactions, decentralized governance, and incentivizing platform liquidity. Supporting a wide array of AI services, SingularityNET empowers developers to publish their AI services for integration into diverse applications. With a focus on an ethics-first approach, SingularityNET strives to democratize AI technologies and make them accessible and practical for all, aiming to advance Artificial General Intelligence (AGI) development.
Ocean Protocol (OCEAN)
Ocean Protocol aims to democratize data access, allowing individuals and businesses to share and monetize data and data-based services securely. By providing a trusted platform for data exchange, the protocol enables data owners to retain control while making their data accessible for consumption. Through establishing a secure and transparent data-sharing environment, Ocean Protocol endeavors to catalyze a new data economy where data can be freely shared and monetized, fostering innovation across various industries.
Continued Global Surge in AI Investments
As the anticipation builds for NVIDIA’s upcoming earnings report on Feb. 21, investors are optimistic about the company’s continued growth trajectory. NVIDIA has witnessed substantial expansion over the past year, with its stock price surging by 230.23%. The company’s previous earnings report surpassed expectations, recording earnings of \(4.02 per share compared to estimates of \)3.36, reflecting a positive earnings surprise of 19.64%. For the forthcoming earnings release, NVIDIA is projected to report $4.52 per share, signifying a year-over-year surge of 413%.
Furthermore, other AI-related companies, particularly in the semiconductor sector, have experienced notable rallies in 2024. For instance, Taiwan Semiconductor Manufacturing Company (TSM), a key component manufacturer for AI technology, has seen a 30% increase since the beginning of the year.
Moreover, on Feb. 15, OpenAI unveiled its latest text-to-video model, Sora, showcasing the capability to generate lifelike video scenes lasting up to 1 minute with multiple camera angles. The demonstrated videos surpassed many existing generative video solutions, indicating significant progress in generative content creation.
The rapid evolution of centralized AI development may be partially fueled by the resurgence of decentralized AI projects as investors strive to stay abreast of advancements.
Disclaimer: The author holds a small investment in TAO.
Bittensor Market Data
As of 11:22 am UTC on Feb. 16, 2024, Bittensor holds the #204 rank by market cap, with the price witnessing an 8.31% increase over the past 24 hours. Bittensor commands a market capitalization of $4.18 billion, accompanied by a 24-hour trading volume of $44.6 million. Find out more about Bittensor ›
Crypto Market Overview
At 11:22 am UTC on Feb. 16, 2024, the total cryptocurrency market is valued at approximately $1.96 trillion, with a 24-hour trading volume of $88.24 billion. Bitcoin dominance currently stands at 52.32%. Explore further insights into the cryptocurrency market ›
