Investors have high expectations for machine learning applications, which has led to an increase in the value of coins related to AI projects. These coins have grown in value even more than Bitcoin, the world’s largest digital currency. According to CoinGecko, the total market capitalization of AI-related tokens has risen from $2.7 billion in April 2023 to $26.4 billion in the present day. In the past 30 days alone, tokens related to AI projects have increased by 145% – 297%.
Kaiko Research has reported that the CoinDesk index of AI-linked tokens has surged more than 165% in the past year, surpassing Bitcoin’s 151% gain to reach a record high. AI token trading volume has also increased sharply this year, reaching an all-time high of $3.8 billion at the end of February.
Experts believe that cryptocurrency and blockchain technology can help solve some emerging problems in the field of AI, like privacy and computing power. Co-founder of XYO Network, Markus Levin, predicts that as both AI systems and blockchain networks continue to develop, there will be more opportunities where the two fields combine.
VanEck Investment Management Fund’s managers, Matthew Sigel and Patrick Bush have stated that AI applications have great potential to become the core of cryptocurrency. AI-related blockchain products offer various services, such as payments, transaction models, and marketplaces for AI applications where developers can be paid with cryptocurrency. Some of the leading blockchain projects at the moment include Render Network – a blockchain platform that allows peer-to-peer sharing of AI-generated graphics, Fetch.AI – a platform for building AI applications, and SingularityNET – an AI services marketplace.
The VanEck Foundation forecasts that by 2030, revenue from AI-related cryptocurrency projects could reach $10.2 billion. In the most optimistic scenario, this number could reach $51 billion. Meanwhile, Bitcoin’s price has decreased sharply since approaching the $74,000 mark on March 14, trading at $62,400 on the evening of March 19. According to Kaiko Research, Bitcoin’s rise is creating about 1,500 new millionaires every day.
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Source: Vietnam Insider