The AI blockchain sector is approaching a market cap of $10 billion following Bittensor's meteoric rise, which is up 140% over the past 30 days. The market cap of the native token TAO has surpassed $4 billion, reaching an all-time high on February 15 at $698 before falling to around $659 as of press time.
The top five AI crypto projects by market cap are Bittensor, The Graph, Fetch.ai, SingularityNET, and Ocean Protocol. All five stocks are up more than 10% in the past seven days, with Bittensor and SingularityNET up 31% and 35%, respectively.
Pettensor (TAO)
Bittensor is a Polkadot-based project that integrates blockchain technology and artificial intelligence to create a decentralized machine learning network. This initiative is designed to revolutionize the development and use of machine learning platforms by decentralizing the process and fostering a collaborative environment where the collective intelligence of AI models can be harnessed and shared. At the heart of the Bittensor ecosystem is the TAO token, which incentivizes developer contributions and the quality of their models, essentially serving as a measure of the network's collective intelligence and knowledge.
Chart (GRT)
The graph is designed to index and query data from blockchains, making it easier to retrieve complex information that is difficult to query directly. It is an important layer for decentralized applications (dApps) that need to access blockchain data efficiently. The GRT graph, its native code, is used to stimulate indexing and querying of data. Projects with complex smart contracts, such as Uniswap and various NFT initiatives, benefit greatly from The Graph's ability to facilitate complex data queries beyond basic blockchain reads.
Fetch.ai (FET)
Fetch.ai integrates AI to automate and optimize various tasks and processes across multiple sectors, including transportation, supply chain, and healthcare. It aims to create a decentralized digital economy powered by autonomous software agents. These agents can perform tasks autonomously, facilitating a self-sustaining economy. The FET token, an ERC-20 utility token, is used within the Fetch.ai ecosystem to power transactions and computational services. Fetch.ai's technology is relevant to many industries and aims to revolutionize them by leveraging artificial intelligence and machine learning.
Cingularity Net (AGIX)
SingularityNET is a decentralized AI marketplace that allows AI services to be created, shared, and monetized at scale. It uses AGIX, its utility token, for transactions, decentralized governance, and incentivizing the provision of platform liquidity. The platform supports a variety of AI services and enables developers to publish their own AI services, which can then be integrated into different applications. SingularityNET aims to facilitate the development of artificial general intelligence (AGI) to create a useful technological singularity. It emphasizes an ethics-first approach, making AI technologies accessible and practical for everyone.
Ocean Protocol (OCEAN)
Ocean Protocol seeks to democratize data, making it accessible for individuals and businesses to share and monetize their data and data-driven services. The protocol provides a secure platform for exchanging data. It aims to unlock the value of data by empowering data subjects to control their data while making it available for consumption. By facilitating a secure and transparent environment for data sharing, Ocean Protocol aims to support a new data economy where data can be freely shared and monetized, fostering innovation and driving growth across various industries.
The global rise in AI investments continues
As NVIDIA, a cog in the “AI hype wheel,” approaches its earnings report on February 21, expectations for continued record returns are high among investors. NVIDIA has seen significant growth over the past year, with its stock price rising by 230.23%. The company's previous earnings report beat expectations, with earnings per share of $4.02 compared to estimates of $3.36, reflecting a positive earnings surprise of 19.64%. The company is expected to report $4.52 per share for its next earnings release, which would represent a year-over-year increase of 413%.
Shares of other AI-adjacent companies, such as those in the semiconductor sector, have also risen throughout 2024. For example, shares of Taiwan Semiconductor Manufacturing (TSM), a major manufacturer of AI technology components, have risen 30% since the first From January.
Additionally, OpenAI unveiled its new text-to-video model, Sora, on February 15, which demonstrated the ability to create realistic video scenes up to one minute in length and multiple camera angles. The sample videos were far beyond many existing generative video solutions, signaling another giant leap forward for generative content.
The rapid progress in centralized AI development may be driven in part by the resurgence of decentralized AI projects as investors hope to catch up.
Disclaimer: The author has a small holding of TAO.
Betensor market data
At press time 11:22 AM UTC on February 16, 2024Bittensor is ranked #204 in terms of market cap and price higher 8.31% During the last 24 hours. Bittensor's market capitalization is $4.18 billion With a 24-hour trading volume of $44.6 million. Learn more about Pettensor ›
Crypto market summary
At press time 11:22 AM UTC on February 16, 2024The total cryptocurrency market is valued at $1.96 trillion With 24 hour volume of $88.24 billion. Bitcoin dominance currently 52.32%. Learn more about the cryptocurrency market ›
