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AI Crypto Assets Skyrocket 540% in Under a Year, Hitting $7 Billion Market Cap

source-logo  news.bitcoin.com 02 January 2024 20:30, UTC

The sector of crypto economy dedicated to artificial intelligence (AI) has been expanding steadily, and in the past 34 days, since Nov. 29, 2023, the market capitalization of AI-focused crypto assets has surged by $1.75 billion. A majority of the leading ten AI tokens experienced substantial growth, with more than half recording gains in the double digits. Notably, the graph (GRT) emerged as the frontrunner, boasting a significant 40.73% increase over the previous month.

AI Crypto Market Cap Surges to $7 Billion Amidst Record 30-Day Gains

The previous year marked a significant phase for AI-driven cryptocurrency assets, and as we move into 2024, the market cap of the AI-centric crypto industry has reached $7.04 billion. This is a substantial climb from its valuation of $1.1 billion on January 9, 2023. The figures reveal that, in under a year, the AI cryptocurrency market expanded by an impressive 540%, with about $1.75 billion of this growth occurring in the last 34 days since November 29, 2023.

The graph (GRT) versus the U.S. dollar via Binance on Jan. 2, 2024.

Leading the pack in the AI-focused token space is the graph (GRT), boasting a market valuation of $2 billion. It has seen a 10% increase just in the past day. Over the previous month, GRT surged 40.73% against the greenback, ranking it as the top performer among the ten leading tokens. Fetch (FET) also witnessed significant growth, climbing 34.29% over the month. Meanwhile, AGIX and OCEAN increased by 5.85% and 4.45%, respectively, over the last 30 days.

Conversely, Bittensor (TAO) experienced a 21% decline last month, but it has recently rebounded by 3% in the past 24 hours and still maintains an impressive 791% rise from its record low in May. Covalent (CQT) enjoyed a 20.93% hike this past month, and a newcomer, PAAL, is up 8.9% for the month and has soared 52.48% over the past week. However, not all AI tokens fared well, as IMGNAI plunged 45.77% in 30 days, and BBANK decreased 38.9% against the greenback.

In 2023, nearly everything associated with AI technologies seemingly turned to gold, marking an era of prosperity within the crypto economy. As we approach 2024, it remains to be seen how this momentum will continue or shift. The AI crypto sector, notably one of the most rapidly growing areas in the space, presents both intrigue and potential as it evolves in the ever-changing landscape of digital assets.

What do you think about the growth of AI tokens over the last year and in the past 30 days? Share your thoughts and opinions about this subject in the comments section below.