TL;DR
- AI coins are gaining momentum in the crypto industry, as highlighted by an ongoing NVIDIA artificial intelligence conference.
- Bittensor (TAO) is a leader in the AI token market with a market capitalization of over $4.5 billion.
- Render (RNDR) and Fetch.ai (FET) are also standout assets, experiencing rapid increases in value and demonstrating the potential of AI in blockchain technology.
AI tokens take center stage
The cryptocurrency market has seen a serious resurgence in recent months, with Bitcoin (BTC) hitting a new all-time high of over $73,500 and many other leading digital assets hitting multi-year highs. One particular niche, which has also exploded in recent times, is artificial intelligence (AI) coins.
This week, the global GPU manufacturer – NVIDIA Corporation – is accommodation a conference dedicated to AI. It is being held in San Jose, California and will allow developers, researchers, business strategists and industry experts to meet and share ideas on future advancements in the sector.
For the uninitiated, NVIDIA is the third largest company in the world by market capitalization: $2.19. trillion. Much of its growth is attributed to the artificial intelligence sector and the rise of protocols such as OpenAI's ChatGPT, solutions that require significant computing power. Notably, the company has seen massive demand for its GPU chips due to growing interest in generative AI.
That said, it's worth taking a look at the top three AI tokens and how they've performed lately, so let's dive right in.
Enter Bittensor (TAO)
Currently, this subsection of the crypto industry holds a total market capitalization of over $25 billion, with Bittensor (TAO) being the leading token. It has been among the best-performing crypto assets for months, hitting a new ATH of $743 (according to CoinGecko data) today (March 18). To put things into perspective, its valuation was just $50 in October last year, which is a whopping 1,380% increase.
Bittensor is an open source protocol that uses blockchain technology to create a decentralized machine learning network. Its native token – TAO – allows users to extract information from the ecosystem while adjusting its activities to meet their needs. Bittensor's main goal is to create a marketplace for AI where consumers and producers interact in a completely transparent way.
Rendering (RNDR) is so close to the top
The second largest token in the niche (behind TAO with only thousands) is Render (RNDR). It also hit an ATH today, peaking at $13.50.
Its gains on a monthly scale are over 130%. RNDR reached a 24-hour daily volume of over $1 billion, surpassing all other AI tokens in this metric.
RNDR supports the Render Network Foundation, a leading provider of decentralized GPU solutions that aims to revolutionize the digital creation process.
Not long ago, the asset caught the attention of Coinbase who placed it on their roadmap area and subsequently added it to their trading program.
What about Fetch.ai (FET)?
The third largest token in the sector is Fetch.ai (FET), which has a market cap of around $2.6 billion and a price of $2.55. The latter represents a 260% jump on a 30-day scale and is just a few cents south of the ATH observed on March 14. The 24-hour trading volume currently stands at over $700 million.
Fetch.ai is a blockchain platform that uses artificial intelligence to help people automate everyday tasks such as booking a flight, parking, and other services.
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