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With the increasing demand for AI technology, new technologies and advancements are currently entering the market. The impact of AI’s popularity is also being felt in the crypto market, as new AI cryptocurrencies are introduced to the market and dominate the portfolios of crypto investors.
So why is there a growing demand for AI cryptocurrencies among investors? And will they dominate the crypto market? Let’s talk about it in this blog.
AI Crypto Market Overview
The market value of AI cryptocurrencies has skyrocketed in recent months. According to CoinmarketCap, the total market capitalization of AI cryptocurrencies exceeds $36.5 billion. In the past day alone, the market capitalization rose more than 18%, with trading volume reaching a market of $3.9 billion.
Although the AI market is relatively new, it has gained tremendous popularity among investors even in a short period of time. AI cryptocurrencies such as Near Protocol, Bittensor, Render, The Graph, and Injective collectively make up the market capitalization of this category.
Near Protocol (NEAR) is currently trading at $5.69 and has a market cap of $6,064,215,065, while Bittensor (TAO) is trading at $568.73 and has a market cap of $3,752,130,432. Finally, Render (RNDR) and The Graph (GRT) are trading at $9.53 and $0.2836, with market caps of $3,568,187,103 and $2,681,562,175, respectively.
Other than this, AI coins such as Fetch.ai, SingualrityNet, and Theta Network are also popular and have become one of the top choices for cryptocurrency investors.
Why is AI virtual currency booming?
Looking at the price fluctuations and demand for AI cryptocurrencies in the market, analysts believe that the demand for these tokens will increase in the coming days.
Industry development and support from world leaders
Artificial intelligence is a topic of discussion for every technology enthusiast, with top companies such as Google, Microsoft, OpenAI, and XAI working to advance this industry.
Among these companies, XAI has been in the spotlight due to Elon Musk’s continued support for cryptocurrencies. He has entered two of his AI companies, including his XAI. The first is his company known as OpenAI, the company behind ChatGPT and SORA, currently run by Sam Altman.
Due to the high level of interest in this field, the price of AI cryptocurrencies spikes every time there is a new update or news. Sam has already launched an AI token called World Coin (WLD). This also justifies that these giant companies are interested in his AI cryptocurrency.
Ravindra Kumar, founder of the cryptocurrency wallet Frontier, once said:
Growth opportunities around AI and Web3 space combine early interest, potential, and hype
Vitalik Buterin has also spoken about why he is excited about AI technology. In a post to X, he concludes: He also said it could help solve Ethereum’s biggest technical problem: code bugs. ”
Unique features of AI virtual currency
AI cryptocurrencies can do everything regular cryptocurrencies do, but they also have some additional features. These run on AI-enabled platforms, allowing AI cryptocurrencies to be self-learning or adoptive, learning from transactions and improving.
AI crypto then works based on machine learning algorithms that can analyze data and make predictions. As a result, we will be able to understand trends and crypto markets and recommend better investment decisions.
Finally, AI cryptocurrencies with blockchain and smart contract technology ensure network security and transparency.
conclusion
Even when the crypto market was suffering from volatility issues recently, AI cryptocurrencies were the least affected. Based on the growing demand and popularity of AI cryptocurrencies, it is expected that AI cryptocurrencies will gain a better position in the crypto market.
Read more 5 top altcoins to outperform Bitcoin this year
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