TL;DR
- AI coins are gaining momentum in the crypto industry, highlighted by an ongoing NVIDIA Artificial Intelligence conference.
- Bittensor (TAO) leads the AI token market with a market cap of over $4.5 billion.
- Render (RNDR) and Fetch.ai (FET) are also standout assets, experiencing rapid increases in value and showcasing the potential of AI in blockchain technology.
AI Tokens Take Center Stage
The cryptocurrency market has been in a state of serious revival in the past few months, with Bitcoin (BTC) tapping a new all-time high of over $73,500 and many other leading digital assets rising to multi-year peaks. A particular niche, which has also been going through the roof lately, is the one encompassing Artificial Intelligence (AI) coins.
This week, the global manufacturer of GPUs – NVIDIA Corporation – is hosting a conference dedicated to AI. It is held in San Jose, California, and will allow developers, researchers, business strategists, and industry experts to meet and connect ideas on the sector’s future advancement.
To the uninitiated, NVIDIA is the third-largest company worldwide in terms of market cap—$2.19 trillion. A large part of its growth is attributed to the artificial intelligence sector and the rise of protocols such as OpenAI’s ChatGPT – solutions that demand substantial computational power. In particular, the company has seen massive demand for its GPU chips because of the growing interest in generative AI.
That said, it is worth observing the three leading AI tokens and their performance as of late, so let’s dive in.
Enter Bittensor (TAO)
Currently, this subsection of the crypto industry holds a total market capitalization is over $25 billion, with Bittensor (TAO) being the top token. It has been among the best-performing crypto assets for months, hitting a fresh ATH of $743 (per CoinGecko’s data) today (March 18). To put things into perspective, its valuation was a mere $50 in October last year, representing a whopping 1,380% increase.
Bittensor is an open-source protocol that utilizes blockchain technology to create a decentralized machine-learning network. Its native token – TAO – enables users to extract information from the ecosystem while tuning its activities to meet their needs. Bittensor’s main goal is to create a market for AI where consumers and producers interact with each other in a fully transparent way.
Render (RNDR) is so Close to the Top
The second-biggest token in the niche (trailing behind TAO with mere thousands) is Render (RNDR). It also tapped an ATH today, peaking at $13.50.
Its gains on a monthly scale are over 130%. RNDR has hit a 24-hour daily volume of more than $1 billion, surpassing all other AI tokens in this metric.
RNDR stands behind 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 eye of Coinbase which put it on its roadmap zone and later added it to its 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 a few cents south of the ATH witnessed on March 14. 24-hour trading volume currently stands at more than $700 million.
Fetch.ai is a blockchain platform that employs artificial intelligence to help people automate everyday tasks like booking a flight, parking space, and other services.
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