New trend on the crypto market or how popular AI sphere among investors affects the prices of cryptocurrencies
ChatGPT, an artificial intelligence-based chatbot with a billion-dollar investment from Microsoft. In January of this year, it gained 100 million users, becoming the fastest-growing Internet app in history.
In early 2023, digital currencies and artificial intelligence spawned a single breakthrough in the crypto-asset market. And the domestic tokens of AI-related development projects continue to rise in value.
Justin Sun, head of the Huobi exchange and creator of the Tron (TRX) coin, posted on Twitter the idea of a mechanism to create an “AI-centric decentralized payment system” for ChatGPT.
According to his idea, such an environment would create a decentralized payment system. It would thus be secure, reliable, tamper-proof, censor-proof, and able to support AI. This will build a new decentralized, intelligent financial ecosystem.
Last week, OpenAI, the developer of ChatGPT, announced that it would begin charging a $20 monthly subscription to cover computing costs. Until then, the chatbot, launched in late November, had remained free.
Tokens that associate themselves with AI are rising in value
In general, the coins of blockchain projects, which in one way or another involve artificial intelligence. Since the beginning of this year have been the group of the most successful crypto-assets in terms of investment.
Leader in terms of market capitalization in this category, according to CoinGecko, is SingularityNET project coin (AGIX). In the past week alone, this asset rose in value almost 2.5 times, reaching 45 cents. Although it was trading at 7 cents less than a month ago. The developers of the service position it as “the first decentralized artificial intelligence marketplace”. Which is based on Cardano blockchain.
Tokens from the other most capitalized AI projects also continue to rise. This is happening even despite the short-term decline in Bitcoin and the crypto market as a whole. Fetch.ai (FET), a coin platform with machine learning algorithms, gained more than 65% in the past month. And the OCEAN token, used by the Ocean Protocol “data economy” project, has more than doubled since the beginning of January.
Our experts note that projects with relatively low market capitalization are also included in the growth trends. Due to their lower liquidity, large purchases of their tokens inevitably lead to strong price hikes. Thus, the rate of AIRI token belonging to the barely known aiRight platform increased several times in just one day. Its developers declare the use of AI in the creation of NFT. A similar scenario was observed with the IMGNAI token, created to pay for the creation of anime-style images by a neural network project under the unsophisticated name of Image Generation AI.
Success of AI caused the growth of shares not only in crypto companies
Success at ChatGPT has spurred investor interest in AI-based technologies, not just in the crypto market. Last month, the share price of struggling media company Buzzfeed surged. This came after it announced plans to use artificial intelligence to create content. Similarly, shares of little-known public companies soared after they added the word Blockchain to their name. This was at peak cryptocurrency markets in early 2018 and late 2021.
That said, the hype around AI is borne out by the numbers. In January, JPMorgan Bank conducted its annual survey of professional traders about upcoming trends in electronic trading. It surveyed 835 industry representatives from 60 regions around the world.
AI, according to the survey, outperforms all other major categories. For its 53% citation rate, it far outpaces API integration (14%) and blockchain (12%). Only 8% of respondents confirmed that they trade cryptoassets.