AI-Centric Crypto Market Loses Over $1 Billion in Value in 90 Days 

AI-Centric Crypto Market Loses Over $1 Billion in Value in 90 Days 

Roughly three months ago, 74 AI-driven digital currencies boasted a market value exceeding $4 billion. However, since that time, the AI-centric crypto market has experienced a loss of more than $1 billion in value.

The Decline in AI-Driven Cryptocurrencies: $1 Billion Wiped Out From Market

At the start of the year, products incorporating artificial intelligence (AI) witnessed substantial demand with the rise of AI-focused software noted throughout 2023. This trend permeated into the cryptocurrency sphere, resulting in up to 74 AI-centric tokens amounting to a value of $4.03 billion by the end of February. At its peak, the AI crypto market recorded a $444.39 million 24-hour trade volume on February 27, 2023.

Presently, both trade volume and market valuation within the AI crypto sector have significantly decreased. Data from cryptoslate.com reveals that a total of 89 crypto assets tied to AI are currently valued at $2.93 billion.

AI-Centric Crypto Market Loses Over $1 Billion in Value in 90 Days

Despite an additional 15 AI-centric tokens being introduced, $1.1 billion in value has exited the AI crypto space in the past 90 days. On Sunday, May 28, approximately $409 million worth of trades took place involving AI-focused tokens.

When the AI-crypto economy peaked at $4 billion, it accounted for 0.37% of the overall crypto market’s net worth. As of now, the AI-crypto industry merely makes up 0.26% of the complete crypto economy’s total value over the weekend. Over the past month, all top five AI crypto assets have suffered losses.

The largest AI crypto by market cap, graph (GRT), lost 12.27%. Singularitynet (AGIX), ranking second in terms of market capitalization among AI cryptos, lost 8.25% against the U.S. dollar during this period.

Additionally, ocean protocol (OCEAN) experienced a decline of 3.66% against the USD, while fetch (FET) encountered the most significant losses among the top five AI currencies in the past month, dropping 22.84%. As for iexec rlc (RLC), the fifth largest AI coin based on market cap, it saw minimal losses of merely 0.05% within the last 30 days.

Despite these losses, all five experienced 24-hour gains, and two of the top five AI tokens by market cap recorded seven-day gains — including AGIX increasing by 4.29% and OCEAN rising by 6.95% over the past week.

Is this recent downturn a temporary setback or a sign of deeper challenges for the AI crypto market? Share your thoughts and predictions in the comments section below.



from Bitcoin News https://ift.tt/kuUmTyd

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more