The combined market value of the AI cryptocurrency sector has more than doubled to $25.1 billion in less than a month, as the world remains preoccupied with developments in AI technology, according to CryptoSlate data.
Overall, the market is up nearly 150% from $9.64 billion on February 16.
The sector also saw short-term growth, with gains of 5.42% over the past 24 hours and 23.88% over seven days.
The six largest AI-related tokens by market cap are Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch (FET), SingularityNet (AGIX), and WorldCoin (WLD).
Internet computer (ICP)
Internet Computer has announced several AI-related initiatives in recent months, primarily focused on creating decentralized AI by running large language models (LLMs) as on-chain smart contracts.
ICP is up 13.2% over the past week, with a market cap of $6.9 billion.
Pettensor (TAO)
Bittensor aims to create a decentralized network for machine learning, and has been one of the best-performing projects over the past few months. Despite being in the early stages of development, the project was recognized by Ethereum creator Vitalik Buterin in February.
Bittensor's native token TAO is up 19.91% over the past week, with a market cap of $4.7 billion.
Chart (GRT)
Graph (GRT) is a project that indexes blockchain data for use in various applications. Although the project is not just about AI, developers described the project's uses for AI in March 2023, such as automating decision-making and lowering entry barriers to accessing data.
Total TSR increased by 20.42% over the past week, with a market cap of $3.3 billion.
Fetch.AI (FET)
Fetch.AI is a blockchain project that provides various AI applications and services including AI agents. Fetch.AI recently announced a $100 million investment in infrastructure, which will see the project deploy new graphics processing units (GPUs). It also plans to reward FET token holders.
The price of FET has risen by 78.96% over the past week, with a market cap of $2.2 billion.
Cingularity Net (AGIX)
SingularityNET is a blockchain-based decentralized marketplace for AI services. Although the project has not seen major developments recently, its founder, Ben Goertzel, chaired an informative AGI summit in Panama in late February. This may have helped in the recent growth of the project.
AGIX shares rose 63.95% over the past week, with a market value of $1.5 billion.
World Coin (WLD)
Worldcoin is a biometric ID project that provides crypto rewards to users. Spain imposed a temporary ban on WorldCoin data collection on March 6, which may have contributed to 24-hour losses for the WLD token.
Additionally, Elon Musk filed a lawsuit against Sam Altman's company OpenAI on March 1, a development that coincided with WLD's price decline. These losses occurred despite there being no formal relationship between OpenAI and Worldcoin beyond Altman's leadership role in both companies.
WLD is down 6.19% over the past week, with a market cap of $1.1 billion.
Broader AI trends
The aforementioned market growth comes alongside several industry-wide developments in the AI industry, all of which may have generated broader buzz and indirectly benefited AI token prices.
Anthropic AI released version 3 of Claude AI on March 4, which generated a lot of buzz due to its advanced awareness. Meanwhile, OpenAI recently launched its Sora text-to-video service, which continues to attract attention as the company releases new video samples in the following days.
Spending on AI continues to rise around the world, with the US government recently announcing $30 million to manufacture AI chips, and India allocating $1.2 billion to invest in AI development.
AI tokens have also benefited from overall growth in the cryptocurrency market as Bitcoin (BTC) returned to price levels last seen during the 2021 bull market. The major cryptocurrency briefly broke its all-time highs weeks before the halving on March 5, the first time this has happened in its history.
