AI Crypto Tokens Rally – Is It the Right Time To Invest In AI-Based Cryptocurrencies?
The crypto market has seen a paradigm shift from January’s bullish sentiment in the past two weeks. Bitcoin and Ethereum prices dropped more than 5 percent in the past week. With the dreaded Bitcoin weekly death cross at hand, crypto sell pressure is expected to intensify in the coming weeks. Nonetheless, a few outliers in the altcoin market including Baby Doge Coin have added approximately 300 percent in the past 30 days.
Additionally, artificial intelligence (AI) rested crypto tokens have recorded significant gains in the past few weeks. According to research conducted by Coingecko, AI-related tokens have rallied up to 16 times between November 2022 and February 2023.
Closer Look at AI Crypto Tokens
AI-related crypto tokens have recorded significant gains compared to the rest of the market following huge investments from institutional investors. For instance, Microsoft has made significant investments in OpenAI and ChatGPT technology. Alphabet’s Google also announced its venture in AI via the Bard program.
The AI crypto-related market, however, had differences in gains during the past month. Notably, some AI crypto tokens like DeepBrain Chain (DBC), SingularityNET (AGIX), and Botto (BOTTO) were some of the top gainers.
On the other hand, Numeraire (NMR) had the least increase in the AI-related tokens at 2x. Ocean Protocol (OCEAN) and SingularityDAO (SDAO) posted relatively smaller gains of 3x.
Fetch.ai (FET) and Artificial Liquid Intelligence (ALI) both rose by around 7x.
As more money flows to AI-related tokens, analysts are arguing whether the entire crypto market will rally together. Moreover, the DeFi and NFT markets induced the 2021 crypto rally that saw Bitcoin attain its ATH.
