Tokens related to artificial intelligence (AI) are experiencing a significant surge, outperforming the overall crypto market in recent months. Data compiled by CoinGecko shows that the combined capitalization of AI tokens jumped almost 800% from IDR 46.4 trillion on October 28 to IDR 413.4 trillion today.
Check Today's Crypto Market:
Dominance Remains
Four of the five largest AI tokens by market capitalization four months ago, still rank in the top five of the sector. Render (RNDR), the top token in the sector, is up 412% over the same period, while Fetch.ai (FET) is up 708%, SingularityNET (AGIX) is up 456%, and Akash Network (AKT) is up 540%.
Also Read : What is Fetch.ai (FET)? Decentralized Artificial Intelligence for the Future
This positive trend is also supported by increased trading activity
Data from Bitget, the 10th ranked centralized exchange based on trading volume in 2023, shows a 400% increase in AI token trading volume during February.
The report also found a 77% increase in the average market capitalization of projects listed in Bitget's “AI zone” and an 80% increase in the number of active AI token traders.
Worldcoin (WLD), the controversial digital identity project co-founded by OpenAI CEO Sam Altman, is also up 280% in the past 30 days amid a surge in interest in Sora, OpenAI's voice-to-text model.
WLD now ranks as the fourth largest token based on a full-diluted valuation of IDR 1,398 trillion, even surpassing OpenAI's reported valuation of almost 20%.
Also Read How To Buy Crypto:
AI as a Leading Sector
The surge in AI tokens comes at a time when many other cryptocurrencies have also hit multi-year highs in recent months. Bitcoin (BTC) surged to an all-time high above IDR 1,048 trillion today, recording a gain of 4.5% in 24 hours and 40% in two weeks. Ethereum (ETH) also jumped to IDR 59.2 million, the highest level since December 2021.
However, AI tokens also face stiff competition from memecoins to attract funds from low-cap asset speculators. The combined market capitalization of meme tokens has risen 165% since January 1.
Also Read: AI Tokens Soar, While Meme Coins Start to Sluggish
Analysts See Long-Term Potential
Crypto analysts see the surge in AI tokens as an indicator of increasing confidence in the technology's potential. “There is a shift in investor focus from short-term speculative assets to projects with real-world utility,” chief analyst at Messari, Ryan Watkins, told Decrypt in a recent interview. "AI has the potential to revolutionize a variety of industries, and investors seem to be starting to realize this."
FetchAI
Watkins gave the example of Fetch.ai (FET) which is building a peer-to-peer network for AI-based data and asset trading. Another project, Ocean Protocol (OCEAN), allows individuals and businesses to share and monetize data securely.
"AI technology is still in the early stages of development, but its potential is enormous," added Watkins. "The current surge in AI tokens may be driven by speculation, but there are strong fundamentals behind the sector."
Warning of Potential Bubble
Despite optimism about the future of AI, some analysts warn of a potential bubble in the sector. "The rapid price increases of many AI tokens may not be supported by strong fundamentals," said Simon Peters, senior analyst at Arcane Research. "Many AI projects are still in the conceptual stage, and have not yet been proven to be profitable."
Peters advises investors to conduct careful research before investing in AI tokens. "Make sure you understand the technology behind the project and the team developing it," he says. "Don't just get carried away by the hype."
Check Crypto Prices Today:
Conclusion
The wave of AI tokens signals growing investor interest in this technology. However, it is important to note that this sector is still young and high risk. Investors should be careful and do their research before investing in AI tokens.
How to Buy Fetch.ai (FET) on Bittime
You can buy and sell Fetch.ai (FET) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Fetch.ai (FET) is available on Bittime with the market pair FET/IDR . To be able to buy FET IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Fetch.ai (FETI) on Bittime .
Monitor the price chart movements of Fetch.ai (FET) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read
TAO, RNDR, AKT, EFT: Comparison of Leading AI Tokens
Fetch.AI Token (FET) Price Soars 360% and Hits Record High!
Worldcoin Token (WLD) Soars 230%, AI Innovation is the Main Driver
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change randomly
Comments
0 comments
Please sign in to leave a comment.