CryptoNews

2023: The Year AI Cryptos Soared, Then Faltered – Altcoins Bitcoin News

At the outset of the year, artificial intelligence (AI) cryptocurrencies embarked on a rising journey, recording substantial gains and witnessing a surge in global trade activity. However, as we now traverse the course of time, the AI crypto landscape has undergone a significant downturn. According to insights from Kaiko, the weekly trading volume linked to tokens associated with AI has notably dwindled, casting a shadow over the sector’s earlier exuberance.

AI Crypto: From Meteoric Rise to Subdued Global Trade Volumes

Artificial intelligence (AI)-based cryptocurrency assets have encountered a noticeable downturn from their earlier prowess in early 2023. At the present moment, the AI crypto domain stands at a valuation of $2.28 billion, marking a substantial retreat of approximately $1.72 billion since February 2023.

Within this week, a somber tale unfolds, as eight out of the top ten AI-focused cryptocurrency tokens have grappled with losses. The digital token numeraire (NMR), in particular, has seen a sharp decline, plummeting by 37.47% over the past seven days.

In the hierarchy of AI-based cryptos, the foremost contender, graph (GRT), has dipped by 2.62%, while the second-largest AI token by market capitalization has witnessed a decline of 5.46% in the same timeframe. This week, two tokens, namely dkargo and phala network, exhibited a noteworthy ascent of 1.27% to 2.05% when measured against the U.S. dollar.

2023: The Year AI Cryptos Soared, Then Faltered

However, the broader AI-centric crypto spectrum has faced a collective decline of 5.74% over the last seven days, with a 3.37% dip recorded within the past 24 hours. Delving into the analytics provided by the crypto firm Kaiko, we find that the trade volumes of AI-centric cryptocurrencies have been notably subdued throughout the month of August.

“Despite Worldcoin ‘s controversial launch at the end of July, the weekly trade volume for AI-affiliated tokens remained subdued in August,” Kaiko shared on the social media platform X. Most of the surges in trade volume for AI-related coins occurred during the months of January and February 2023.

As of September 10, 2023, the statistics reveal a stark contrast, with a 24-hour trade volume of $159.11 million in AI-crypto transactions. This is a marked departure from the $1.6 billion in 24-hour trade volume that was recorded on February 9, 2023.

As AI-based cryptocurrencies navigate the turbulent waters of 2023, they stand as a testament to the volatile nature of the crypto market. While their early-year successes painted a rosy picture, the subsequent downturn serves as a reminder of the challenges and uncertainties inherent in this ever-evolving digital landscape.

What do you think about the performance of AI-centric coins in 2023? Share your thoughts and opinions about this subject in the comments section below.

Source: Bitcoin

Related posts
CryptoNews

FBI Seeks Crypto Fraud Victims in Major Market Manipulation Case

CryptoNews

London Man Denies Running Illegal Cryptocurrency ATMs

CryptoNews

FBI Warns Investors of Growing Crypto Scams Amid Billion

AI & RoboticsNews

New high quality AI video generator Pyramid Flow launches — and it’s fully open source!

Sign up for our Newsletter and
stay informed!