AI Blockchain Sector's Market Cap More than Doubles in Less than a Month

By: Eva Baxter

There is a notable surge in the AI blockchain sector as the combined market cap has reportedly more than doubled to $25.1 billion in less than a month. The six largest AI-related tokens contributing to this growth are Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch (FET), SingularityNet (AGIX), and WorldCoin (WLD).

These tokens have been capitalizing on various AI initiatives in their respective fields, from ICP focusing on creating decentralized AI by running Large Language Models as smart contracts on-chain, to TAO's aspirations of creating a decentralized machine-learning network. The performances of these tokens contribute to the AI blockchain sector's short-term growth, with gains of 5.42% over the past 24 hours and 23.88% over seven days.

Furthermore, the AI sector's growth aligns with broader AI trends and increased AI investment globally. The US government recently announced the allocation of $30 million for AI chip manufacturing, while India set out $1.2 billion to invest in the development of AI. AI tokens also seem to benefit from general growth in the crypto market. Cryptocurrency giant Bitcoin (BTC) has recently returned to price levels last observed during the 2021 bull run.