Are AI cryptocurrencies the next trend in 2024?

Author: Aurora Grace Source: medium Translation: Shan Oppa, Golden Finance

Last month, the cryptoeconomic sector dedicated to artificial intelligence emerged unprecedented growth. AI-focused crypto assets surged by $1.75 billion in market capitalization, with half of the top 10 AI tokens seeing significant double-digit gains. Leading this growth is The Graph, which grew 41% in December, emblematic of the burgeoning synergy between artificial intelligence and cryptocurrency markets. The total market capitalization of AI-focused tokens reached $7.04 billion, a 540% increase in just one year, underscoring the transformative power of AI in the cryptocurrency space.

AI Cryptocurrency Market Cap Boom: Stunning Rise

AI Convergence with the cryptocurrency space has pushed the market capitalization of artificial intelligence tokens to new heights, reaching $7.04 billion in early 2024. This is a significant jump from the $1.1 billion valuation a year ago and represents an extraordinary growth rate of 540% for the AI ​​token. Of particular note is The Graph (GRT), which has a market valuation of $2 billion and grew 10% on January 8, 2024 alone. GRT’s dominance extends beyond the day, with a massive 40.73% rise against the US dollar last month, solidifying its position as the best-performing coin in the top ten.

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Performance of individual tokens: a diverse landscape

Although the overall trend shows positive growth , but individual AI tokens have shown diverse performance. Graph (GRT) and Fetch (FET) lead the way, with gains of 40.73% and 34% respectively from last month. By comparison, Bittensor (TAO) is down 21%, but a recent 3% rebound has given holders optimism. Covalent (CQT) bucked the trend, jumping 21%, while new entrant PAAL is up 8.9% for the month and a whopping 53% over the past week. However, IMGNAI is down a massive 46% over the past 30 days and BBANK is down 39% against the USD.

Reflecting on 2023: The golden age of artificial intelligence-related assets

2023 is the crypto economy During the boom period, artificial intelligence-related assets were transformed into digital gold. As the cryptocurrency community approaches 2024, uncertainty remains over the trajectory of this momentum. Still, the AI-enabled cryptocurrency space remains one of the fastest-growing areas in the digital asset space, offering investors both traction and potential.

Innovative AI Crypto Projects to Monitor in 2024

Artificial Intelligence and Blockchain The convergence of technologies paves the way for groundbreaking crypto projects. These initiatives leverage artificial intelligence to enhance security, optimize trading strategies, and automate tasks within the blockchain ecosystem. As we delve deeper into 2024, several promising AI crypto projects are worth keeping an eye on:

➤ The Graph (GRT): An open source decentralized Centralized protocols for indexing and querying blockchain data are essential for building decentralized applications (DApps).

➤ Fetch.ai (FET): A decentralized autonomous organization (DAO) that uses artificial intelligence to automate tasks and optimize the Internet of Things and financial markets resource allocation in .

➤ Phala Network (PHA): A privacy-preserving blockchain platform that utilizes Secure Multi-Party Computation (SMPC) to perform confidential computations on the blockchain.

➤ SingularityNET (AGIX): A decentralized platform connecting artificial intelligence service providers and users, promoting the collaboration and exchange of artificial intelligence algorithms.

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➤Ocean Protocol  (OCEAN): A decentralized protocol for data sharing and exchange that leverages artificial intelligence to automate data discovery, pricing, and access control .

➤ iExec RLC (RLC): A decentralized cloud computing platform that optimizes resource allocation through artificial intelligence to achieve safe and efficient computing.

➤ Covalent (CQT): An open source data aggregator that uses artificial intelligence to aggregate, normalize and analyze data from various blockchains.

➤ Numeraire (NMR): A decentralized platform that uses artificial intelligence to predict financial markets, providing data providers with its native token NUM.

➤ dKargo (DKA): A decentralized logistics platform that uses blockchain technology and artificial intelligence to streamline supply chain operations.

➤ Cortex (CTXC): an open source peer-to-peer blockchain platform that supports the execution of AI algorithms and AI-driven decentralized applications .

These innovative projects represent a small part of the growing field of AI cryptography, with more groundbreaking applications expected to emerge in the coming years. As technology continues to advance, the convergence of artificial intelligence and blockchain will redefine industries and reshape the digital landscape, providing investors and enthusiasts with unprecedented opportunities.

Top AI Cryptocurrencies

Internet Computer (ICP)

→Overview of the Internet Computer as the world’s first blockchain running at network speeds: The Internet Computer ( ICP) is at the forefront of blockchain innovation, representing the world's first blockchain designed to run at network speeds. Initiated by the DFINITY Foundation, it introduces a paradigm shift by enabling scalable and efficient smart contract development. Unlike traditional blockchains, ICP is designed to integrate seamlessly with network services and redefine how individuals interact with the Internet.

→Aims and goals of Internet computers:The main purpose of Internet computers is to reshape the Internet landscape. It aims to break away from the limitations of existing blockchain networks and provide developers with unrestricted capabilities to create and deploy smart contracts at scale. By fostering a decentralized and scalable environment, Internet Computer envisions a future where network services are not only secure, but intrinsically part of the blockchain infrastructure.

→ ICP (Native Token) Description: ICP serves as a native utility token in the Internet computer ecosystem. Its role is not just a medium of exchange, but also governance and access to various platform features. ICP holders participate in the decision-making process, ensuring that the platform is developed in a decentralized and community-driven manner.

→ ICP Current Market Cap and Trading Value: According to the latest data, Internet Computer has a substantial market cap, underscoring its role in crypto Relevance and adoption within the currency community. ICP’s trading value reflects investor confidence and market dynamics, providing insight into the token’s liquidity and demand.

Injective(INJ)

Injective

Introducing Injective as a finance-focused AI-powered cryptocurrency project: Injective is a groundbreaking AI-driven cryptocurrency project with a specific focus on revolutionizing the financial landscape. By harnessing the power of artificial intelligence, Injective aims to launch innovative solutions and essential tools to build decentralized finance (DeFi) applications.

Specific features offered by Injective: Injective differentiates itself by offering a sophisticated set of features to meet the diverse needs of the financial sector. Notable features include margin trading, derivatives trading, and FX futures trading. These features provide users with advanced financial tools, enhancing the overall functionality and usefulness of the Injective platform.

The role of INJ, the native currency of Injective: INJ, as the native currency of Injective, plays a pivotal role in the platform ecosystem. In addition to being a medium of exchange, INJ is also integral to validating network transactions. Additionally, it occupies a central position in governance, allowing INJ holders to actively participate in shaping the future development and direction of the Injective project.

INJ's current market cap and transaction value: Injective's market cap reflects the project's position in the competitive landscape, demonstrating its growth and acceptance. INJ’s trading value provides valuable insights into market sentiment and investor perceptions, providing a real-time assessment of the Token’s value and liquidity.

3) The Graph (GRT)

The Graph

< p style="text-align: left;">The Graph as a protocol for indexing and querying data explained: The Graph is a breakthrough protocol designed for indexing and querying data in the blockchain. Its functionality is similar to how Google indexes and queries data from traditional Internet websites. The Graph addresses the unique challenges posed by blockchain data, introducing the innovative concept of “subgraphs” to organize and understand decentralized data.

How the Graph functions compared to Google's index: The Graph's functionality is very similar to how Google indexes and queries data on the Internet. By applying similar principles to blockchain data, The Graph enhances the accessibility and usability of information on the decentralized web. This comparison highlights the platform's user-friendly and efficient data retrieval mechanism.

Introducing the concept of "subgraphs": A key aspect of The Graph architecture is the utilization of "subgraphs". These are specialized indexes that organize blockchain data into more manageable and specific units. This organizational structure improves the efficiency of data retrieval, providing developers with targeted and streamlined access to the information they need.

The Graph’s native cryptocurrency GRT Description: GRT is the native cryptocurrency of The Graph ecosystem. GRT is built on the Ethereum blockchain and facilitates various functions within the protocol. In addition to being a medium of exchange, GRT plays a central role in governance, enabling token holders to actively participate in the decision-making process that shapes The Graph’s future.

GRT's current market capitalization and trading value, referenced to historical peaks: GRT's market capitalization reflects the platform's growth and adoption in the blockchain space. GRT's trading value provides real-time insights into market dynamics and investor sentiment. Additionally, reference to GRT's historical peak in February 2021 provides a sense of its performance over time, demonstrating its resilience and potential for continued growth.

Conclusion

Amidst the dynamic intersection of artificial intelligence and cryptocurrency markets, the past month has Witnessing unprecedented growth, especially in AI-centric tokens. The market capitalization soared by $1.75 billion, a 540% increase in one year, highlighting the transformative power of artificial intelligence in the cryptocurrency space. Outperformer The Graph (GRT) exemplifies this synergy, marking significant growth. Uncertainty looms as we enter 2024, but the AI ​​cryptocurrency space remains a rapidly evolving field that offers both traction and potential.

Innovative projects such as The Graph, Injective and Internet Computer are leading this wave, demonstrating the huge possibilities of the integration of artificial intelligence and blockchain. As the crypto economy continues to evolve, these projects and broader AI-driven initiatives represent a promising future, shaping a new era of digital assets. For those venturing into the space, the convergence of artificial intelligence and cryptocurrency brings unparalleled opportunities and innovation, heralding a transformative era for the financial landscape.