Riding the AI Crypto Wave: Bitcoin and Ethereum Take a Backseat


Bitcoin (BTC) and Ethereum (ETH) have been the cornerstone of the cryptocurrency market for years, but recently traders have been shifting their focus to tokens linked to Artificial Intelligence (AI). With the recent surprising results from Nvidia, AI tokens have seen a surge in value, causing Bitcoin and Ethereum to pull back slightly.

One such token that has seen significant gains is SingularityNET (AGIX), which powers an “AI as-a-service” platform for sharing AI models. AGIX is up another +2% today, trading at $0.071. Throughout the week, the digital asset has delivered gains of almost +80%, showcasing the growing interest in AI-related projects within the crypto space.

Similarly, Render (RNDR), a crypto that powers a computing power marketplace for AI projects, has also seen impressive gains. RNDR is up +7.10% today, trading at US$7.75. Over the last seven days, the token has increased by almost +40%, highlighting the potential for growth in the AI sector.

Filecoin (FIL), the native token of Filecoin, a decentralized peer-to-peer (P2P) protocol for file storage, has also experienced a jump in value. FIL is up +9.10% today, trading at $8.15. The project aims to revolutionize the way data is stored and shared, making it a promising investment for those interested in AI and blockchain technology.

Another noteworthy AI token is Worldcoin (WLD), a controversial cryptocurrency created by Sam Altman, the main name behind OpenAI and ChatGPT. While WLD is slightly down today, it has gained an impressive +115.6% over the week, showcasing the potential for growth in AI-related projects.

The recent surge in AI tokens comes at a time when Bitcoin and Ethereum are experiencing a slight pullback. BTC is currently down -1.60%, trading at US$51,008, while ETH has also seen a decline in price. However, traders remain optimistic about both cryptocurrencies, especially with the upcoming approval of spot BTC ETFs in the United States and the halving event scheduled for April, which will reduce the issuance of new units of BTC.

Similarly, Ethereum traders are excited about the imminent launch of ETFs in the US with direct exposure to the cryptocurrency, which could further drive up its price in the near term. Despite the recent pullback, both Bitcoin and Ethereum continue to remain key players in the cryptocurrency market.

On Wall Street, US futures indexes are trading lower today, as investors engage in profit-taking following Nvidia’s rally that propelled American stock markets to new records. Dow Jones Futures are down -0.06%, S&P 500 Futures have fallen -0.09%, and Nasdaq Futures have shrunk -0.22%, reflecting a cautious sentiment among investors.

In a recent report, digital asset manager Grayscale highlighted the growing applicability and relevance of AI use cases in public blockchains, beyond just being a form of payment. The outperformance of AI-related crypto assets serves as a reminder of the potential for innovation and growth in the AI sector within the cryptocurrency market.

Overall, the recent surge in AI tokens has brought renewed interest to the crypto market, with traders looking beyond traditional cryptocurrencies like Bitcoin and Ethereum towards innovative projects at the intersection of AI and blockchain technology. As the market continues to evolve, it will be interesting to see how AI-related projects shape the future of the cryptocurrency space.