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AI crypto market cap doubles to $25 billion in 20 days

The AI crypto sector’s combined market cap has more than doubled to $25.1 billion in less than a month as the world remains engrossed in developments in AI technology, according to CryptoSlate data.

Overall, the market has increased roughly 150% from $9.64 billion on Feb. 16.

The sector has also seen 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 multiple AI-related initiatives in recent months, mainly focused on creating decentralized AI by running Large Language Models (LLMs) as smart contracts on-chain.

ICP is up 13.2% over the past week, with a market cap of $6.9 billion.

Bittensor (TAO)

Bittensor aims to create a decentralized machine-learning network and has been one of the best-performing projects over the last few months. Despite being in the early stages of development, the project was acknowledged 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.

The Graph (GRT)

The Graph (GRT) is a project that indexes blockchain data for use in various applications. Though the project is not solely AI-related, developers described the project’s uses for AI in March 2023, such as automating decision-making and minimizing barriers of entry to data access.

GRT is up 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 apps and services including AI agents. Fetch.AI recently announced a $100 million infrastructure investment, which will see the project deploy new graphics processing units (GPUs). It also plans to reward FET token holders.

FET is up 78.96% over the past week, with a market cap of $2.2 billion.

SingularityNet (AGIX)

SingularityNET is a blockchain-based, decentralized marketplace for AI services. Though the project has not seen significant developments recently, its founder, Ben Goertzel, headlined the Beneficial AGI Summit in Panama in late February. This may have aided the project’s latest growth.

AGIX is up 63.95% over the past week, with a market cap of $1.5 billion.

Worldcoin (WLD)

Worldcoin is a biometrics ID project that provides crypto rewards to users. Spain imposed a temporary ban on WorldCoin data collection on March 6, possibly contributing to 24-hour losses for the WLD token.

Additionally, Elon Musk sued Sam Altman’s OpenAI on March 1, a development that coincided with a drop in the price of WLD. Those losses occurred despite the lack of an official relationship between OpenAI and Worldcoin beyond Altman’s leadership role at both firms.

WLD is down 6.19% over the past week, with a market cap of $1.1 billion.

Broader AI trends

The above market growth comes alongside various industry-wide developments in the AI industry, all of which may have generated broader hype and benefited AI token prices indirectly.

Anthropic AI released version 3 of its Claude AI on March 4 which has generated a lot of buzz for its advanced awareness. Meanwhile, OpenAI recently debuted its text-to-video service Sora, which continues to attract attention as the company releases new video samples in the ensuing days.

AI spending continues to ramp up around the globe, with the US government recently announcing the allocation of $30 million for AI chip manufacturing, and India earmarking $1.2 billion to invest in the development of AI.

AI tokens have also benefited from general growth in the crypto market as Bitcoin (BTC) has returned to price levels last seen during the 2021 bull run. The flagship crypto briefly broke its all-time high weeks before the halving on March 5, marking the first time this has happened in its history.

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