In February 2023, the AI-driven cryptocurrency sector reached a staggering $4 billion in value. Yet, it has since experienced a downturn of $1.42 billion. Over the last week, eight of the top 10 AI-based crypto tokens saw declines against the U.S. dollar.
Downturn Hits AI Crypto Market
Once a thriving market, AI-focused cryptocurrency assets have undergone considerable value reductions in the past four months. On February 27, 2023, the AI crypto economy was worth around $4.03 billion, but by May 28, 2023, it had lost $1 billion in value. Since that time, an additional 420 million has been shed from the AI-focused crypto coin market.
Cumulatively, since its peak at the end of February, roughly $1.42 billion has been stripped from the AI-crypto economy’s worth. The previous week wasn’t particularly favorable for the top ten coins in this sector either, with most of the leading AI-focused crypto assets recording losses over the last seven days. The top AI crypto asset by market capitalization – graph (GRT) – dropped by 4.97% during this period as singularitynet (AGIX) fell by 7.99%.
Ocean protocol (OCEAN) registered the largest loss among the top ten AI tokens this past week with a decline of 13.7% against the U.S. dollar. Fetch.ai (FET) saw a negative impact of 9.94%, while dkargo (DKA) experienced a 4.38% increase. Iexec rlc (RLC) plunged by 8.18%, numeraire (NMR) dipped by 2.56%, and covalent (CQT) experienced a moderate rise of 2.26%. Alethea liquid intelligence (ALI) fell by 7.84%, and phala network (PHA) decreased by 5.62% in value against the greenback.
In total, the combined value of all 89 AI-centric crypto tokens declined by 2.85% over the past day and 5.73% within the previous week. Figures from the last 24 hours suggest that the AI-based coin sector has witnessed $309 million in global trade volume. Weekly data indicates that the top three AI-driven crypto tokens by gains were blockbank (BBANK), idena (IDNA), and ai meta club (AMC), soaring between 46% and 218% during this week.
As we observe these recent downturns in the AI crypto market, what do you think is the future for AI-driven cryptocurrencies? Will they bounce back or continue their downward trend? Share your thoughts and opinions about this subject in the comments section below.
by Jamie Redman via Bitcoin News
Comments
Post a Comment