- Crypto AI market cap surged by 33%, reaching $28.8 billion.
- Popular artificial intelligence narratives now capture 35.7% of global investor interest.
- 87% of crypto users support artificial intelligence managing 10% or more of their portfolio.
According to a magazine by Cointelegraph, the artificial intelligence-powered cryptocurrency sector is showing signs of recovery, with its market cap rising significantly over the past two weeks. After experiencing a sharp decline in early April, the sector has managed to regain some ground, with a 33% growth bringing the combined market cap to $28.8 billion. This follows a period where the market cap dropped drastically from $70.42 billion in January to $21.46 billion on April 9.
Recent Growth in AI Coins
Several AI-related cryptocurrencies have seen significant price increases recently. Notable performers include Near, which gained 26% over the past week, and Render, which rose by 23%. While Bittensor had a remarkable 47% rise, the Artificial Superintelligence Alliance jumped by 36%. Even Ethereum, which is not usually regarded as part of the artificial intelligence industry, saw a 14% increase during the same time, therefore stressing the general optimistic attitude in the crypto market.
AI-related narratives are increasingly dominating the crypto space. A recent report by CoinGecko revealed that five out of the top 20 narratives in the crypto industry are artificial intelligence related. These narratives now capture 35.7% of global investor interest, surpassing the 27.1% share of memecoin narratives.
Among the most popular artificial intelligence-related narratives are general AI (14.4%), AI agents (10.1%), and DeFAI (5%). Artificial intelligence memecoins, artificial intelligence agent launchpads, and artificial intelligence frameworks make up the remainder of the top artificial intelligence narratives. CoinGecko’s report also uncovered growing interest in artificial intelligence managed portfolios. A significant 87% of crypto users indicated they would be open to allowing an artificial intelligence agent to manage at least 10% of their portfolio.
Furthermore, half of the users would be fine with artificial intelligence controlling as much as 50% of their investments. This suggests a great faith in the capacity of artificial intelligence to control crypto assets, given its somewhat new and hazardous character. Growing interest in artificial intelligence in finance points to a significant expansion of the industry in the coming years.
Barry Silbert’s Support for Bittensor
One of the main actors in the artificial intelligence crypto sector, Bittensor, got a significant boost this week, partly because of Barry Silbert, CEO of Digital Currency Group. In a Real Vision podcast, Silbert talked about his great faith in distributed artificial intelligence.
He revealed that his new venture, Yuma, is focused on developing subnets for Bittensor’s marketplace. Silbert referred to Bittensor as the artificial intelligence project that has “reached escape velocity” and is on track for long-term success. The artificial intelligence crypto industry still has a long way to go despite recent advances. There are still difficulties, especially in creating trustworthy, distributed artificial intelligence systems.
The industry’s strong showing in recent weeks and increasing investor interest, therefore, imply that projects using artificial intelligence will keep gaining momentum. Navigating the changing market will depend on investors monitoring artificial intelligence projects such Near, Render, and Bittensor.
The revival of the crypto AI sector indicates that, although erratic, there is great possibility for long-term expansion. More institutional investors, like Barry Silbert, may support decentralized artificial intelligence initiatives, so helping the sector to recover.
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