In recent times, the cryptocurrency sector focused on artificial intelligence has significantly outpaced other digital currencies. According to data from CoinGecko, AI cryptocurrencies have reached new records in market capitalization, with the most significant ones currently garnering attention.
Artificial Intelligence on the Rise Thanks to OpenAI's New Sora Project
As of February 20, the total market capitalization of AI-based cryptocurrencies has surged to $15.8 billion, representing an eight percent increase over the past 24 hours. This makes AI cryptocurrencies the most dynamically developing segment in the Web3 world. For instance, the SingularityNET project, associated with Cardano, has witnessed an 80% increase in the value of its AGIX tokens over the last week.
For comparison, the total market capitalization of cryptocurrencies increased by only 0.2% over the same period.
This surge of optimism in the realm of AI tokens can be attributed to the success of Sora, a new content generation platform from OpenAI, which enables the conversion of text into video. Sora can create high-quality videos based solely on textual instructions. In the past, a similar disruption in the AI cryptocurrency space was caused by the introduction of the ChatGPT conversational robot by OpenAI.
Additionally, Worldcoin by Sam Altman (WLD) has experienced an increase of over 40%.
Fetch.AI (FET) Aims for Billion-Dollar Market Capitalization
Although the largest AI tokens by market capitalization did not stand out in the last 24 hours, with Bittensor (TAO) and Render Network (RNDR) showing losses of 5% and 1.4%, respectively.
Fetch.AI (FET) is the only significant player maintaining steady growth. Over the last day, it has seen an increase of 2%, extending its weekly growth to approximately 40%. For the first time in its four-year existence, the token is approaching a market capitalization of one billion dollars.
Akash Network (AKT) also demonstrates strong performance and has returned among the top 100 assets by market capitalization.
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