AI may fuel the next bull run

If we are talking about BTC ATH, you know we might say hello to the “bull market” soon, and although it’s in the early stage right now, it might find it’s a new star, the AI crypto market. But before going into this subject in detail, we need to understand the situation better.

So far this year, the market’s total value has risen to about $2.69 trillion, showing a big 35% increase since January. But it’s still not as high as the peak in late 2021, being about 20% lower. Also, trading activity remains lower than during the busiest times of the bull market. However, there are several indications that things might improve:

• Natural market cycle: The crypto market goes through ups and downs, like a rollercoaster. After a big drop in 2022, it’s normal to expect things to pick up again.
• Bitcoin Halving: In April 2024, there will be an event called Bitcoin halving. This has happened before, and it usually leads to the market going up.
• Institutional interest: Big investors are starting to look at the market again. They see the prices now as a chance to get in on the action.

However, even though we haven’t entered a bull run yet, there’s already a standout performer in the crypto market.

Uncover the standout performers in the AI crypto market, including Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch.AI (FET), SingularityNet (AGIX), and Worldcoin (WLD) (Image credit)

Disclaimer: Nothing on this site should be construed as investing, financial, trading, or any other kind of advice. No cryptocurrency is recommended for purchase, sale, or storage by Dataconomy. Before making any investing decisions, you should do your own research and consult with a financial professional.

What is happening in the AI crypto market right now?

According to recent data from CryptoSlate, AI-related tokens have gone through the roof, shooting up to a whopping $25.1 billion in market cap in less than a month. That’s more than double what it was just a short while ago, and it’s got the whole crypto community buzzing with excitement.

We’re talking about a 150% increase from where we were back on February 16. And get this – in the past 24 hours alone, there’s been a 5.42% jump, with a massive 23.88% surge over the past week. It makes people bullish, right?

Crypto AI tokens to look for

Investors are already moving away from meme coins like Dogecoin and Shiba Inu, which dominated the 2021 bull run. There’s a growing interest in projects with perceived long-term value, like those tied to artificial intelligence (AI). That’s why we decided to highlight the rising stars of the AI crypto market. Although you will probably know if you read our article about the best AI crypto projects, here  are the top-performing crypto AI tokens:

• Internet Computer (ICP): Leading decentralized AI initiatives by utilizing Large Language Models (LLMs) on-chain to pioneer decentralized intelligence. Showing strong performance, up 13.2% over the past week, with a market cap of $6.9 billion.
• Bittensor (TAO): Aiming to establish a decentralized machine-learning network, recognized for its potential by Ethereum creator Vitalik Buterin. Notable growth of 19.91% over the past week, boasting a market cap of $4.7 billion.
• The Graph (GRT): Specializing in indexing blockchain data for various applications, with potential uses in automating decision-making processes. Demonstrating resilience with a 20.42% surge over the past week, holding a market cap of $3.3 billion.
• Fetch.AI (FET): Providing AI apps and services, recently announcing a substantial infrastructure investment to enhance its capabilities. Experiencing substantial growth of 78.96% in the past week, securing a market cap of $2.2 billion.
• SingularityNet (AGIX): Functioning as a decentralized marketplace for AI services, led by its founder Ben Goertzel, a prominent figure in the AI community. Showing impressive gains of 63.95% over the past week, with a market cap of $1.5 billion.
• Worldcoin (WLD): Worldcoin, backed by Sam Altman, offers biometric ID solutions and crypto rewards by devices called Orb, despite recent regulatory challenges, maintaining its presence in the market. Facing recent challenges, down by 6.19% over the past week, with a market cap of $1.1 billion.

The Orb (Image credit)

In conclusion, while the crypto market has shown significant growth this year, it’s still below its peak in late 2021. However, signs suggest potential for improvement, including the natural market cycle, the upcoming Bitcoin halving event in April 2024, and increasing institutional interest. Additionally, the AI crypto market has emerged as a new star, with crypto AI tokens experiencing explosive growth, doubling their market cap in less than a month. This surge reflects a shift in investor interest towards long-term value, particularly in AI projects.

As the crypto landscape evolves, conducting thorough research and seeking professional advice before making investment decisions is essential.