AI-Powered Crypto Market Bounces Back to USD 3.32 Billion
The AI-driven crypto market, which had previously peaked at USD 4 billion in early 2023, experienced a resurgence and bounced back to reach USD 3.32 billion. This positive shift comes after a mid-year setback that saw the sector's value drop to USD 2.6 billion by the end of July. The notable recovery in the AI-driven crypto sector seen in the last three months is believed to be possible due to an infusion of about USD 720 million.
AI Cryptocurrencies Witness Substantial Uptick
The last 30 days have been particularly noteworthy for AI-focused cryptocurrencies, witnessing a substantial uptick in their market values, surpassing the USD 3 billion level. The AI-driven cryptocurrencies have witnessed a significant year, reaching a high of USD 4 billion in February. However, a substantial decline was noticed in July 2023, following the peak when the valuation of the AI-driven crypto economy declined to USD 2.6 billion.
AI tokens are digital assets using embedded artificial intelligence in a wide range of projects. These ventures include asset management, generative art, price prediction, and the functioning of decentralized autonomous organizations (DAOs), among other applications such as Web3 and the Internet of Things (IoT).
GRT and FET AI Tokens Lead the Resurgence
At the forefront of this revival are leading tokens like the graph (GRT) and fetch (FET), both of which showcase impressive growth rates. GRT, with a market capitalization of USD 1.15 billion, faced a minor dip of 7.55% this week but has surged by an impressive 60.26% against the US dollar over the past month. Meanwhile, FET recorded a 3.4% increase this week and experienced triple-digit growth, climbing up 110.49% over the last month.
Other notable performers in the AI token space include Singularitynet (AGIX) and Ocean Protocol (OCEAN), which saw their values rise by 53.18% and 44.37%, respectively. VAI shot up by 147.83%, and Delysium (AGI) climbed to 163.83%.
However, not all AI coins shared the same fate, with Neuroni Ai (NEURONI) facing a 34.34% decrease, Arcona (ARCONA) dropping 29.03%, and AI Meta Club (AMC) declining by 18.83% this month. GNY, BCUBE, and XRT were also among the notable losers during the last 30 days.
As the AI cryptocurrency market displays resilience and volatility, its future is largely uncertain. The dynamic intersection of technology and finance, while promising, is a story of uncertainties regarding the long-term impact and stability of AI-driven digital currencies in the global financial ecosystem.
What is your take on the AI-driven crypto economy? Please share your thoughts and opinions in the comments section below.
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