YEREVAN (CoinChapter.com) – The AI frenzy hit the markets in Q1-Q2, causing related tech stocks like Nvidia (NVDA) and Palantir (PLTR) to churn out triple-digit rewards year-to-date. Moreover, the megatrend hit the AI-associated crypto tokens as well.
Crypto AI outpaces Bitcoin and Ethereum
According to the chart below, several AI tokens, for example, Inective (INJ), Fetch AI (FET), and Ocean Network (OCEAN) outpaced Bitcoin (BTC) and Ethereum (ETH) this year. The flagship cryptos accomplished 65% and 60% price appreciation year-to-date, respectively.
At the same time, Fetch AI token FET rallied 500% in Q1, reaching its record high of $0.54 on Feb 7. The token has slashed nearly half of its valuation since but managed a 17% rally in the previous week on the back of the rising AI frenzy and changed hands at $0.27 on June 3.
Similarly, another AI token, Graph (GRT), registered explosive ecosystem growth since Q4, 2022 and rallied 260% to reach its Feb 7 peak of $0.2. The GRT/USDT exchange rate rose to $0.14 on June 3.
Moreover, in its report on The Graph protocol, Messari noted that active subgraphs on The Graph’s mainnet had risen steadily since 2021. In Q4 2022, 618 subgraphs migrated from The Graph’s hosted service to its mainnet, marking a 151% increase YoY for the metric.
The injective (INJ) token rallied a whopping 550% since January, reaching a record high of just under $10 on April 17. As a result of a subsequent 20% correction, the token price reached $7.8 on June 3. The highly-anticipated Avalon upgrade contributed to the token’s success.
“The gov proposal is active, and the upgrade is scheduled to occur later this week,” tweeted the project on May 28. According to the announcement, the upgrade will bring “L1 scalability optimizations, Sub-Second Block Times, and PoS delegation revamp.”
AI megatrend to continue
The artificial intelligence industry has grown exponentially in the past few decades as investments grew from $12.75 billion in 2015 to $119 billion in 2022. Moreover, Precedence Research estimated the global AI market size at approximately $1,6 trillion by 2030.
AI technologies are estimated to grow tenfold by 2030. Source: PrecedenceReasearch.com
The burgeoning demand for the artificial technology among the various end use verticals such as automotive, healthcare, banking & finance, manufacturing, logistics, and retail is expected to significantly drive the growth of the global artificial intelligence market in the forthcoming years.
detailed the research.
Also read: 3 reasons Why Bitcoin Didn’t Gain Mass Adoption Since Launch.
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