According to data from CryptoSlate, the collective market capitalization of the AI cryptocurrency sector has surged to \(25.1 billion within a month, showcasing a significant increase from \)9.64 billion recorded on February 16.
The sector has demonstrated short-term growth, with a 5.42% increase over the past 24 hours and a notable 23.88% surge over the previous seven days.
The six leading AI-related tokens by market capitalization are Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch.AI (FET), SingularityNet (AGIX), and WorldCoin (WLD).
Internet Computer (ICP)
Internet Computer has recently unveiled several AI-focused initiatives, primarily concentrating on the development of decentralized AI through the utilization of Large Language Models (LLMs) as smart contracts on-chain. With a market capitalization of $6.9 billion, ICP has observed a 13.2% increase over the past week.
Bittensor (TAO)
Bittensor has emerged as a successful project in establishing a distributed machine-learning network in recent months. Notably, Ethereum co-founder Vitalik Buterin acknowledged the project’s progress in February. TAO, Bittensor’s native token, has experienced a 19.91% surge in market capitalization over the past week, reaching $4.7 billion.
The Graph (GRT)
The Graph (GRT) focuses on indexing blockchain data for diverse applications. While not exclusively AI-centric, developers highlighted the project’s AI applications in March 2023, emphasizing automation of decision-making processes and reducing barriers to data access. GRT, with a market cap of $3.3 billion, has witnessed a 20.42% increase over the past week.
Fetch.AI (FET)
Fetch.AI offers a range of AI applications and services, including AI agents. A recent \(100 million infrastructure investment in AI has led to the deployment of new graphics processing units (GPUs) by Fetch.AI. Moreover, efforts are underway to incentivize FET token users. FET has surged by 78.96% in market capitalization over the past week, amounting to \)2.2 billion.
SingularityNet (AGIX)
SingularityNET operates as a decentralized, blockchain-based platform for AI services. Despite a recent lack of significant developments, the project’s leader, Ben Goertzel, hosted the Beneficial AGI Summit in Panama in early February, potentially contributing to the project’s recent growth. AGIX has experienced a 63.95% increase in market capitalization over the past week, reaching $1.5 billion.
Worldcoin (WLD)
Worldcoin, a biometrics-based identification project offering crypto rewards to users, faced a temporary suspension of its data set in Spain on March 6, leading to a 24-hour decline in the WLD token’s value. Additionally, Elon Musk’s lawsuit against Sam Altman’s OpenAI on March 1 coincided with a drop in WLD’s rate. Despite Altman’s involvement in both firms, there is no direct link between OpenAI and Worldcoin. WLD has seen a 6.19% decrease in market capitalization over the past week, totaling $1.1 billion.
Broader AI Developments
The growth in the AI industry aligns with various industry-wide advancements that have likely sparked increased interest and directly impacted the prices of AI tokens. Anthropic AI recently introduced version 3 of its Claude AI on March 4, attracting attention for its advanced capabilities. Furthermore, OpenAI unveiled its text-to-video service Sora, which continues to generate interest as the company releases new video samples. Noteworthy funding initiatives include the US government’s allocation of \(30 million for AI chip production and India’s investment of \)1.2 billion in AI development.
As Bitcoin (BTC) revisits its previous highs from the 2021 bull run, AI tokens have also benefited from the overall growth in the cryptocurrency market. Preceding the surge on March 5, Bitcoin recently achieved record-breaking milestones, marking a significant milestone in its history.
