Are AI Crypto Assets the Next Major Trend in 2024?

The rapid expansion of the AI Crypto Assets market, with Tokens such as The Graph leading the growth, heralds the depth of AI and crypto integration.

Words: Aurora Grace / Source

Translation: Vernacular Blockchain

Last month, there has been unprecedented growth in the crypto-economic sector, which is dedicated to artificial intelligence. The Market Cap of AI-focused crypto assets soared by $1.75 billion, with half of the top 10 AI tokens achieving massive double-digit growth. Leading this growth is The Graph, which grew 41% in December, symbolizing the thriving synergy between AI and the Crypto Assets market. The total Market Cap of AI-focused Tokens reached $7.04 billion, an increase of 540% in just one year, highlighting the transformative power of AI in the Crypto Assets space.

1 Artificial Intelligence Crypto AssetsMarket Cap Boom: Amazing rise

The convergence of AI and the Crypto Assets space has pushed the Market Cap of AI Token to new heights, reaching $7.04 billion in early 2024. This is a significant climb from the $1.1 billion valuation a year ago, indicating an extraordinary 540% growth rate for AI tokens. Of particular note is The Graph (GRT), which has a Market Cap of $2 billion and grew by 10% on January 8, 2024 alone. GRT’s dominance went beyond that day, with a massive 40.73% rise against the US dollar Exchange Rate last month, cementing its position as the best-performing token in the top ten.

2. The performance of a single token: a diversified pattern

While the overall trend is showing positive growth, individual AI tokens are showing diversified performance. Graph (GRT) and Fetch (FET) led the way, up 40.73% and 34% respectively from the previous month. In contrast, Bittensor (TAO) is down 21%, but the recent 3% rebound has given holders optimism. Covalent (CQT) bucked the trend with a massive 21% gain, while new entrant PAAL is up 8.9% this month and up 53% from the past week. However, IMGNAI has fallen sharply by 46% in the last 30 days, and the BBANK Exchange Rate has fallen by 39% against the US dollar.

3. Reflect on 2023: The Golden Age of AI-related Assets

2023 is the year when the crypto economy has also developed, and AI-related assets have been transformed into digital gold. As the Crypto Assets community approaches 2024, the trajectory of this momentum remains uncertain. Still, the AI Crypto Assets space remains one of the fastest-growing areas in the digital asset space, offering attraction and potential to investors.

4, Innovative AI Crypto Projects That Need to Be Monitored in 2024

The convergence of artificial intelligence and Blockchain technology has paved the way for groundbreaking crypto projects. These initiatives leverage AI to enhance security, optimize trading strategies, and automate tasks in the Blockchain ecosystem. As we delve into 2024, several promising AI crypto projects are worth keeping an eye on:

The Graph (GRT): A Open SourceDecentralization protocol for indexing and querying Blockchain data that is essential for building Decentralization applications (DApp).

Fetch.ai (FET): A DAO (DAO) that leverages artificial intelligence to automate tasks and optimize resource allocation in the IoT and financial markets.

Phala Network (PHA): A privacy-preserving Blockchain platform that leverages Secure Multi-Party Computation (SMPC) for confidential computation on the Blockchain.

SingularityNET (AGIX): A Decentralization Platform that connects AI service providers and users, facilitating the collaboration and exchange of AI Algorithms.

Ocean Protocol (OCEAN): A Decentralization protocol for data sharing and exchange that uses artificial intelligence to automate data discovery, pricing, and access control.

i RLC (RLC): A Decentralization Cloud Computing Platform that optimizes resource allocation through artificial intelligence for secure and efficient computing.

Covalent (CQT): An Open Source data aggregator that leverages artificial intelligence to aggregate, normalize, and analyze data from various blockchains.

Numeraire (NMR): A Decentralization Platform Using Artificial Intelligence to Predict Financial Markets, Providing Native Token NUM to Data Providers.

dKargo (DKA): A Decentralization Logistics Platform that uses Blockchain technology and artificial intelligence to streamline Supply Chain operations.

Cortex (CTXC): An Open Source Peer-to-Peer Blockchain Platform that Enables the Execution of AI Algorithms and AI-Powered Decentralization Applications.

These innovative projects represent a small part of the growing field of AI crypto, with more groundbreaking applications expected in the coming years. As technology continues to advance, the convergence of AI and Blockchain will redefine the industry and reshape the digital landscape, providing unprecedented opportunities for investors and enthusiasts.

5, Top AI Crypto Assets

1) Internet Computer (ICP)

Overview of the Internet Computer as the World’s First Blockchain to Operate at Network Speed: The Internet Computer (ICP) stands at the forefront of Blockchain innovation and represents the world’s first Blockchain to operate at network speed. Initiated by the DFINITY Foundation, it introduces a paradigm shift by enabling scalable and efficient Smart Contract development. Unlike traditional Blockchain, ICP is designed to seamlessly integrate with web services, redefining the way individuals interact with the internet.

Aims and Objectives of Internet Computers: The main purpose of Internet computers is to reshape the Internet landscape. It aims to get rid of the limitations of existing Blockchain networks and provide developers with the ability to create and deploy Smart Contracts at scale without restrictions. By fostering a Decentralization and Scalable Environment, Internet Computers envisions a future where network services are not only secure but essentially part of the Blockchain infrastructure.

Description of ICP (Native Token): ICP serves as a native utility token in the Internet computer ecosystem. Its role is not just a medium of exchange, but also governance and access to various platform features. ICP holders participate in the decision-making process, ensuring that the platform is developed in a decentralization and community-driven manner.

ICP Current Market Cap and Trade Value: According to the latest data, Internet Computer has a sizable Market Cap, emphasizing its relevance and adoption in the Crypto Assets community. The trading value of ICP reflects investor confidence and market dynamics, providing insight into Token Liquidity and demand.

2）Injective (INJ)

Introducing Injective as an AI-powered Crypto Assets project focused on finance: Injective is a groundbreaking AI-powered Crypto Assets project with a special focus on revolutionizing the financial landscape. By harnessing the power of artificial intelligence, Injective aims to launch innovative solutions and essential tools to build DeFi (Decentralized Finance) applications.

Specific features offered by Injective: Injective stands out by offering a sophisticated range of features to meet the diverse needs of the financial sector. Notable features include Margin Trading, Derivatives Trading, and Forex Futures Trading. These features provide users with advanced financial tools that enhance the overall functionality and usefulness of the Injective platform.

Role of Injective’s native currency, INJ: As Injective’s native currency, INJ plays a pivotal role in the platform’s ecosystem. In addition to being a medium of exchange, the INJ is also an integral part of validating network transactions. In addition, it occupies a central position in governance, enabling INJ holders to actively participate in shaping the future development and direction of the Injective project.

INJ’s current Market Cap and Transaction Value: Injective’s Market Cap reflects the project’s position in the competitive landscape, demonstrating its growth and acceptance. INJ’s trading value provides valuable insights into market sentiment and investor perceptions, providing a real-time assessment of Token value and Liquidity.

3）The Graph (GRT)

Interpretation of The Graph as a Protocol for Indexing and Querying Data: The Graph is a breakthrough protocol designed for indexing and querying data in Blockchain. It functions similarly to the way Google indexes and queries data from traditional internet sites. The Graph solves the unique challenges posed by Blockchain data, introducing the innovative concept of “subgraphs” to organize and understand Decentralization data.

Comparison of The Graph’s Features with Google’s Indexing: The Graph’s functionality is very similar to Google’s approach to indexing and querying data on the internet. By applying similar principles to Blockchain data, The Graph enhances the accessibility and usability of information on the Decentralization Network. This comparison highlights the platform’s user-friendly and efficient data retrieval mechanism.

Introducing the concept of “subgraphs”: A key aspect of The Graph’s architecture is the use of “subgraphs”. These are specialized indexes that organize Blockchain data into more manageable and specific units. This organizational structure increases the efficiency of data retrieval, providing developers with targeted and streamlined access to the information they need.

The Graph Native Crypto Assets GRT Description: GRT is the native Crypto Assets of The Graph ecosystem. GRT is built on top of the EthereumBlockchain and facilitates various features within the protocol. In addition to serving as a medium of exchange, GRT plays a central role in governance, enabling token holders to actively participate in the decision-making process shaping The Graph’s future.

GRT’s current Market Cap and transaction value, referring to historical peaks: GRT’s Market Cap reflects the platform’s growth and adoption in the Blockchain space. The trading value of GRT provides real-time insights into market dynamics and investor sentiment. In addition, referring to the historical peak of the GRT in February 2021, it is possible to understand its performance over time, demonstrating its resilience and potential for continued growth.

6. Conclusion

Amid the dynamic crossover of AI and Crypto Assets markets, the past month has witnessed unprecedented growth, especially when it comes to AI-centric tokens. The Market Cap soared by $1.75 billion, up 540% in one year, highlighting the transformative power of AI in the Crypto Assets space. The high-performing The Graph (GRT) exemplifies this synergy and marks significant growth. As we head into 2024, uncertainty looms, but the AI Crypto Assets space remains a fast-growing field that offers traction and potential.

Innovative projects such as The Graph, Injective, and Internet Computer have led the wave, demonstrating the huge possibilities of AI and Blockchain convergence. As the crypto economy continues to evolve, these projects and broader AI-powered initiatives represent a promising future shaping a new era of digital assets. For those venturing into this space, the convergence of AI and Crypto Assets brings unparalleled opportunities and innovations, heralding a transformative era in the financial landscape.