Ever since OpenAI’s ChatGPT was released in late 2022, Artificial Intelligence (AI) has become all the hype, leading to astronomical valuations of AI companies and also a price surge in AI-related stocks. This mania has since perpetuate AI crypto coins, with prices surging across the board.
𝓦𝓱𝓪𝓽 𝓐𝓻𝓮 𝓽𝓱𝓮 𝓣𝓸𝓹 𝓐𝓘 𝓒𝓻𝔂𝓹𝓽𝓸 𝓒𝓸𝓲𝓷𝓼 𝓫𝔂 𝓜𝓪𝓻𝓴𝓮𝓽 𝓒𝓪𝓹❓
The top AI crypto coin by market cap is Bittensor (#TAO), at $3.85 billion as of February 29, 2024.
This is followed by Render Network (#RNDR), with a market cap of $3.03 billion.
Fetch.ai (#FET) is third, with a market of $1.41 billion.
𝗕𝗶𝘁𝘁𝗲𝗻𝘀𝗼𝗿 𝗥𝗲𝗺𝗮𝗶𝗻𝘀 𝗨𝗻𝗱𝗶𝘀𝗽𝘂𝘁𝗲𝗱 𝗡𝘂𝗺𝗯𝗲𝗿 𝗢𝗻𝗲
Bittensor, a decentralized machine learning protocol powered by the TAO token, remained the largest AI crypto coin throughout January and February 2024. It had a market cap of $3.85 billion on February 29, 2024. It’s market cap was $0.82 billion higher than Render’s market cap of $3.03 billion.
AI crypto coins in the top five didn’t experience any change in rankings throughout the first two months of the year. However, outside of the top 5, there were significant changes. Autonolas (OLAS), which started 2024 in sixth place with a market cap of $0.30 billion, dropped to ninth by February 29, at $0.30 billion. While it saw an increase in market cap of $4.07 million, it was outpaced by other AI coins.
𝗪𝗵𝗶𝗰𝗵 𝗔𝗜 𝗖𝗿𝘆𝗽𝘁𝗼 𝗖𝗼𝗶𝗻𝘀 𝗚𝗮𝗶𝗻𝗲𝗱 𝘁𝗵𝗲 𝗠𝗼𝘀𝘁?
The largest gainer amongst crypto AI coins in 2024 was Nosana, with a price increase of 987.9%, rising from $0.56 to $6.01 within two months. This was followed by DeepFakeAI (FAKEAI), which saw an increase of 628.6%, from $0.0008 to $0.0069 Synesis One (SNS) came in third, rising 595.4%, increasing its price from $0.016 at the start of the year to $0.108 by the end of February. However, across the board, AI crypto coins rose an average of 257.2% between January 1 and February 29, 2024.
In terms of increase in market cap, Bittensor led the pack, having added $2.22 billion in valuation. It was followed by Render with an increase of $1.20 billion. SingularityNET (#AGIX) came in third, with its market cap rising by $0.51 billion since the start of 2024, to $0.93 billion.
While Nosana was the largest gainer in price, it only added $0.45 billion to its market cap, leaving it in fifth position, behind Akash Network with $0.51 billion.
𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 𝗼𝗳 𝗢𝗽𝗲𝗻𝗔𝗜’𝘀 𝗦𝗼𝗿𝗮 𝗗𝗿𝗶𝘃𝗲𝘀 𝗔𝗜 𝗖𝗿𝘆𝗽𝘁𝗼 𝗖𝗼𝗶𝗻𝘀 𝗛𝗶𝗴𝗵𝗲𝗿
The announcement of OpenAI’s Sora text-to-video model saw an average price increase of 151.0% amongst AI crypto coins.
DeepFakeAI benefited the most from OpenAI’s latest product, having managed to reverse its downtrend of -31.4% on February 17, to 628.6% on February 29.
𝓘𝓷 𝓼𝓾𝓶𝓶𝓪𝓻𝔂, Bittensor Insights leads the AI crypto market by a significant margin with a $3.85 billion market cap. Render and Fetch.ai follow, with substantial market caps of their own. The entire market has seen an average increase of 257.2% early in the year, with significant contributions from the announcement of OpenAI’s Sora.
