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.