AI-related coins have demonstrated remarkable performance in 2024, as the combined returns of these cryptocurrencies have jumped 76% year-to-date.
The artificial intelligence (AI) coin market saw a 7% increase today, raising the market capitalization to $19.8 billion in the last 24 hours.
AI coins perform best in 2024
Bitcoin entrepreneur and investor Lark Davis said on X that AI coins produce the highest returns in 2024 among cryptocurrencies.
AI coins have generated the best returns so far in 2024.
Collectively, AI coins have seen returns of 76% year-to-date.
Which AI pieces are you most bullish on? pic.twitter.com/Maz6OAnAuc
– Alouette Davis (@TheCryptoLark) February 29, 2024
AI tokens such as Worldcoin, Fetch.AI, and SingularityNET have seen notable increases in recent weeks, fueling the bullish trend in the AI-based coin market. Several tokens made double-digit gains during this period.
Worldcoin, which aims to build a vast identity and financial network to reach one billion users, has seen its WLD token see an impressive rise over the past four weeks, up 222%. AI coin reached a new all-time high of $9,449 on February 25. However, Elon Musk's recent lawsuit against OpenAI has halted this run.
On the other hand, SingularityNET's AGIX token is approaching the $1 mark in the weekly chart, marking the fifth consecutive week of positive growth. The coin is up 218.5% over the past month and is trading at $0.85 today.
Fetch.AI's FET is also seeing a significant uptrend, currently trading at its all-time high on March 1 at $1.66. Notably, Fetch.AI saw a 191% increase over the past month.
According to data According to CoinGecko, the biggest AI coin gainers were Libra AI, Octavia, and Chacedot, up 31.1%, 36.8%, and 26.4%, respectively, over the past day.
The increase in AI coins has been attributed to the launch of OpenAI's Sora and the announcement of a proposed multi-billion dollar raise by Sam Altman.
NVIDIA's profits also exceeded expectations, leading to a substantial $272 billion increase in its market value in a single day. Considering NVIDIA's crucial role in the development of AI through chip production, this success has had a positive impact on the AI crypto market.
Prosperous World of Meme Coins
The crypto market cap is over $2.4 trillion, returning to its previous level before the FTX crash. On the other hand, top meme coins have given back most of their gains over the past few weeks.
Despite being down 30% from its peak, Bonk (BONK) rebounded over 100% in February, successfully recovering losses suffered in January. Shiba Inu (SHIB) and Dogecoin (DOGE) have also seen notable gains, rising nearly 40% and 45%, respectively, over the past week.
The meme coin market saw an 8% surge over the past day, reaching $33.6 billion in market capitalization. This rapid rise has also generated substantial gains for newly emerging meme tokens, with Baby Shiba Inu and Turbo seeing value spikes of over 100% this week.
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