As Bitcoin soars, AI-related cryptos are quickly gaining value

Bitcoin is getting a lot of attention lately, hitting new all-time highs as it crossed $72,000 on Monday. But another area of the crypto world is gaining ground nearly as fast. Artificial intelligence-related tokens, like all things AI, are red hot. In mid-February, the category had a market cap of just under $10 billion. As of midday Monday, that stood at just over $27 billion.

AI cryptos are similar to many other cryptocurrencies, except that they present an opportunity for people to indirectly invest in projects that either revolve around or incorporate artificial intelligence. That’s often, but not necessarily always, blockchain related. 

In the past 24 hours, AI cryptos have seen a 2% rise in value. In the past week, they’ve jumped more than 25%. To put that in some context, Nvidia’s stock is up less than 2% in the past five trading days and 20% in the past month—though, in fairness, AI cryptos are much more volatile than shares of that company.

All totaled, there are 88 various cryptos in the AI space. But just as with the larger crypto world, there are a few that stand above the others. Here’s a look at the top five, as judged by market cap.

Internet Computer

With a market cap of $6.8 billion, Internet Computer (ICP) is the biggest AI crypto, by a wide margin. It’s a decentralized web platform whose goal is to build a secure network for public use—and it’s using large language models to help achieve that. Trading at $14.74 just before 2 p.m. ET on Monday, the tokens have seen their value increase 11% in the past 30 days.

Bittensor

The market cap is lower, coming in at $4.4 billion, but the price of a Bittensor (TAO) token is far, far above any other AI crypto. In midday trading Monday, it was priced at $691.99 and has increased more than 22% in the past month. The company is in the early stages of attempting to create a decentralized machine-learning network. It caught the attention of a lot of traders in late January, though, when Ethereum creator Vitalik Buterin cited it in a blog post.

The Graph

The Graph (GRT) trades for just 44 cents per token and has seen its value soar 157% in the past 30 days (giving it a current market cap of $4.2 billion). It’s not a memecoin or a joke, though. The project indexes blockchain data for use in a number of different applications, including (but not limited to) AI. It is, in its way, hoping to become the Google of blockchain.

Fetch.AI

Fetch (FET) is the fastest growing of the AI cryptos, boasting a 329% increase in value in the past 30 days (and a 59% jump in the past week). With a market cap of $2.3 billion, it’s a blockchain project providing an assortment of AI apps. Earlier this month, Fetch.AI invested $100 million into AI blockchain tech and introduced rewards for token holders, letting them accrue credits enabling them to cover GPU usage fees to access the Fetch network. Tokens currently trade at $2.80.

SingularityNet

Singularity (AGIX) is right on the heels of Fetch as far as biggest 30-day gain, with token prices vaulting 308% (and 41% in the past week). The project is a blockchain marketplace of AI services. Tokens trade for $1.27, and it boasts a market cap of $1.6 billion.