By
Temitope Olatunji
April 26th, 2024
The surge in AI crypto market cap can be largely attributed to the increased attention and adoption of AI solutions.
The cryptocurrency world has witnessed a remarkable surge in a niche sector rapidly gaining traction – AI cryptos. In just 20 days, the total market capitalization of AI cryptocurrencies has doubled, skyrocketing from around $10 billion to an impressive $25 billion. This meteoric rise can be attributed to the increasing interest and adoption of artificial intelligence (AI) solutions across various industries.
According to data from the crypto analysis platform CryptoSlate, the AI sector within the cryptocurrency space has experienced a 25% increase in market capitalization in just seven days. The surge in AI crypto market cap can be largely attributed to the increased attention and adoption of AI solutions. As AI technology becomes more prominent and its applications become more widespread, users are eager to get involved in this revolutionary field. Various AI solutions are being introduced, and many users have found them useful, fueling the demand for AI-based cryptocurrencies.
Let’s take a closer look at three of the many AI cryptocurrencies that are performing exceptionally well.
The Graph (GRT)
The Graph is an indexing protocol that retrieves data from the Ethereum and IPFS networks, playing a crucial role in the decentralized finance (DeFi) ecosystem. This protocol allows individuals to create and publish open APIs called subgraphs, which can be queried by applications using GraphQL, enabling them to access and retrieve data from the blockchain.
The Graph’s native token, GRT, has reached a market capitalization of over $3 billion, and its price has spiked by more than 100% in the last four weeks. The price of GRT started to rise in October but entered a sideways movement in November. However, since the decisive breakout at the end of February, the price has surged from $0.2 to $0.34 at the time of writing, representing a 70% increase.
SingularityNET (AGIX)
SingularityNET is a project that allows anyone to create, share, and monetize their artificial intelligence services, making AI products and the marketplace more accessible. AGIX, the native token of SingularityNET, has a market capitalization of $1.4 billion and has seen a remarkable 300% increase in value over the past month.
The price of AGIX broke out on February 16 and has continued its bullish rally since then. The breakout occurred around $0.3, and the price has soared to $1.1 at the time of writing, representing a staggering 250% spike after the breakout.
Injective Protocol (INJ)
Injective Protocol is a project powering next-generation applications and decentralized finance (DeFi) projects, including decentralized spot and derivative exchanges. The project is compatible with multiple blockchains, making it appealing to users.
Injective’s native token INJ has been making waves in the market, but its price trajectory differs from the tokens described above. It started a rally in October but has been trading sideways between $30 and $42 since the beginning of the year. A decisive breakout above $42 is needed for the price to continue its upward momentum.
The AI crypto market is booming alongside other thriving sectors within the cryptocurrency industry. Bitcoin recently revisited its all-time high, and many other cryptocurrencies are printing double-digit percentage growth figures. AI’s increasing use and relevance in our present world are also driving attention toward AI-based cryptocurrencies. As a result, we may continue to witness the growth of this sector for an extended period.