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Increase in AI-Centric Cryptocurrencies

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by Giorgi Kostiuk

a year ago


Recent market trends have shown a significant surge in cryptocurrency assets that are powered by artificial intelligence, leading to a notable increase in both trading volumes and the overall market value. Data from Bitget, a cryptocurrency platform, revealed that AI-focused crypto projects experienced a fourfold rise in trading activity, resulting in a combined market value exceeding $39 billion.

This surge can be attributed to investors showing interest in AI-centric ventures like Worldcoin (WLD), Livepeer (LPT), and Arkham (ARKM), all of which have witnessed substantial price hikes in recent months. For example, Worldcoin, associated with Sam Altman’s AI-enhanced universal income initiative, saw a 350% increase, reaching over $7 per token in early March. Similarly, LPT and ARKM also saw significant gains of around 140% and 100% respectively.

In February, the average value of AI tokens on Bitget rose by 77% compared to January, accompanied by an 80% increase in daily investors. Notably, in the latter half of February, trading volumes for AI tokens on the exchange surged by 480%. The excitement surrounding OpenAI’s Sora, an AI tool that converts text into video, has further boosted investor sentiment, with industry leaders like Nvidia reporting record profits due to a rise in AI processing power demand.

Expert Perspective on AI’s Impact in the Crypto Market

While AI technology has shown advancements, the AI token market estimated at nearly $40 billion is still considered to be in its early stages. Questions have been raised regarding the sustainability of this market and whether it is driven by genuine value or speculative behavior.

Calanthia Mei, a co-founder of Masa Network, advises market participants to carefully evaluate the necessity of tokens in AI projects and the importance of decentralization. Despite acknowledging the speculative nature of the current market, Mei recognizes the long-term potential of AI technologies and their growing presence in the crypto industry.

Key Takeaways

  • AI-driven crypto tokens are experiencing a significant increase in trading activity, showcasing heightened investor interest.
  • Prominent AI projects like Worldcoin have witnessed substantial price surges, contributing to the sector’s expansion.
  • The development and launch of AI products like OpenAI’s Sora play a crucial role in sustaining market enthusiasm.
  • Major companies like Nvidia are reporting record profits, underscoring the economic impact of the growing demand for AI.

While the surge in AI-focused cryptocurrencies may have speculative elements, the underlying technological advancements and practical applications suggest a promising future for the sector. Industry experts recommend careful consideration and thorough research for individuals venturing into this evolving market.

For more details, please refer to the original post on BH NEWS.

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