The AI-infused crypto market, which peaked at an impressive $4 billion in February 2023, has since encountered a decline of $1.42 billion. Over the past week, the majority of the top 10 AI-related digital tokens have experienced a downturn when compared to the U.S. dollar.
AI Crypto Sector Faces Setback
Once a flourishing sector, the AI-centric crypto market has seen considerable devaluations over the past few months. The AI crypto economy boasted a worth of around $4.03 billion on February 27, 2023, which, however, slipped to lose $1 billion in value by May 28, 2023. Since then, the AI-related cryptocurrency market has further diminished by 420 million.
Collectively, the AI crypto market has seen a substantial reduction of about $1.42 billion since its high at the end of February. The week prior didn’t favor the sector’s leading coins either, as most of them recorded losses over the seven-day span. The market capitalization leader among AI cryptocurrencies – Graph (GRT) – dipped 4.97%, while SingularityNET (AGIX) dropped by 7.99%.
Ocean Protocol (OCEAN) marked the highest weekly loss among the top ten AI tokens with a 13.7% slump against the U.S. dollar. Fetch.ai (FET) also took a hit, falling 9.94%, although DKargo (DKA) managed to buck the trend with a 4.38% surge. Iexec RLC (RLC) dropped by 8.18%, Numeraire (NMR) fell by 2.56%, while Covalent (CQT) posted a moderate rise of 2.26%. Alethea Liquid Intelligence (ALI) and Phala Network (PHA) also declined, losing 7.84% and 5.62% in value against the U.S. dollar respectively.
In total, the combined value of all 89 AI-focused cryptocurrencies fell by 2.85% in the past day and 5.73% in the previous week. Data from the past 24 hours suggests that the AI-centric crypto sector has seen a global trade volume of $309 million. On a positive note, the past week’s top performers in terms of gains were BlockBank (BBANK), Idena (IDNA), and AI Meta Club (AMC), posting weekly growth rates ranging from 46% to an astounding 218%.
As the recent declines in the AI crypto market unfold, what do you believe lies ahead for AI-powered cryptocurrencies? Will they rebound or continue to face downward pressure? We invite you to share your thoughts and insights on this topic in the comment section below.
Frequently Asked Questions (FAQs) about AI Crypto Market Decline
What is the overall decline in the AI crypto market since its February 2023 peak?
The AI crypto market has seen a substantial decline of about $1.42 billion since its high at the end of February 2023.
Which AI crypto asset experienced the largest weekly loss?
Ocean Protocol (OCEAN) marked the highest weekly loss among the top ten AI tokens with a 13.7% slump against the U.S. dollar.
Which AI crypto assets showed a weekly increase?
DKargo (DKA) and Covalent (CQT) showed a weekly increase of 4.38% and 2.26% respectively.
Which AI-driven crypto tokens gained the most during the past week?
The past week’s top performers in terms of gains were BlockBank (BBANK), Idena (IDNA), and AI Meta Club (AMC), with growth rates ranging from 46% to 218%.
What is the total combined value reduction of all 89 AI-focused cryptocurrencies over the past week?
The total combined value of all 89 AI-focused cryptocurrencies fell by 5.73% over the past week.
More about AI Crypto Market Decline
- AI in Cryptocurrency
- Crypto Market Cap
- Ocean Protocol’s Performance
- Overview of DKargo (DKA)
- Covalent’s (CQT) Market Data
- BlockBank’s (BBANK) Performance
- Overview of Idena (IDNA)
- AI Meta Club (AMC) on CoinMarketCap