It’s not just AI stocks that are soaring these days. Cryptocurrencies that have ties to artificial intelligence blockchains and other endeavors are seeing substantial gains as well.
AI-tokens are a relative newcomer to the crypto world—and while they’re still far short of the trading level Bitcoin enjoys, they’re growing at an impressive clip. In mid-February, the category had a market cap of just under $10 billion. As of March 21, that stood at roughly $25 billion.
There are, of course, some differences between AI cryptos and the better-known tokens. There are no ETFs that specialize in this area, and the market capitalizations are nowhere near the $1.3 trillion that Bitcoin boasts. However, there are some similarities, most notably these cryptos are subject to the same volatility Bitcoin faces. Earlier this month, some were showing 30 day increases of over 300%. Those numbers have fallen considerably in just a couple of weeks.
There are 93 cryptos that meet the qualification to be called and AI crypto. Some, though, are more important than others, with market caps in excess of $1 billion.
Internet Computer (ICP)
Internet Computer is the biggest AI crypto, boasting a market cap of $5.7 billion. It’s a project that uses Large Language Models to build a secure network for public use via a decentralized web. Like all cryptos, it has lost ground in recent volatile trading, falling 6% in the last 30 days, but it’s still trading in the $12 range.
Bittensor (TAO)
No AI crypto can come close to the price per token of Bittensor. Currently in the $645 neighborhood, it’s up 11% in the past 30 days and has earned a shout-out from Ethereum creator Vitalik Buterin earlier this year. It’s looking to create a decentralized machine-learning network.
The Graph (GRT)
Given the trade price, which currently stands at just 39 cents per token, it’s easy to think of The Graph as the Dogecoin of AI crypto. It hope, instead, to become the Google of blockchain, indexing blockchain data to be used in AI and other areas. Its market cap stands at about $3.7 billion.
Fetch.AI (FET)
Fetch has nearly doubled in value in the past 30 days and boasts a market cap of $2.2 billion. In early March, the project invested $100 million into AI blockchain tech, introducing rewards for token holders, letting them earn credits that cover GPU usage fees to access the Fetch network. Tokens currently trade a little above $2.50.
SingularityNet (AGIX)
Singularity and Fetch are the two AI cryptos that have shown the biggest gains in the past month. Singularity is up 107%, while Fetch has seen a 170% improvement. Singularity tokens back a blockchain marketplace project that focuses on AI services. Some forecasters say it could go as high as $2.72 by the end of the year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Chris Morris
Chris Morris is a veteran journalist with more than 30 years of experience, more than half of which were spent with some of the Internet’s biggest sites, including CNNMoney.com, where he was Director of Content Development, and Yahoo! Finance, where he was managing editor. Today, he writes for dozens of national outlets including Digital Trends, Fortune, and CNBC.com.
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