Want to know which AI crypto tokens are top performing in 2024? Here is the list of the 5 best-performing AI crypto tokens. Find out more.
Key Points:
AI crypto tokens received an additional boost from Nvidia's (NVDA) remarkable earnings report for the fourth quarter of the fiscal year 2024
AI crypto tokens have seen huge gains in 2023, partly thanks to the ChatGPT-induced AI hype.
AI crypto tokens such as $RNDR and $AGIX have returned over 300% YTD.
Amidst the volatility in the broader financial market, cryptocurrencies centered around Artificial Intelligence (AI) are distinguishing themselves as a notably high-performing group. This resurgence in interest has been notably fueled by the introduction of OpenAI's innovative text-to-video generator, Sora, igniting renewed excitement in AI advancements. This enthusiasm was further amplified by Nvidia’s (NVDA) exceptional earnings report for Q4 of the fiscal year 2024, which exceeded expectations and bolstered a positive outlook in the industry.
Enterprises like NVIDIA, leading the charge in AI development, contribute to significant enhancements in processing capabilities and efficiency. These advancements are crucial for AI-centric blockchain initiatives that depend on extensive computational resources for intricate algorithm processing and data examination. This growing optimism is expected to drive further investments into AI-centric digital currencies that aim to meld AI innovations with blockchain technologies.
According to data from coinmarketcap, the leading AI digital currencies have amassed a Market Capitalization of $26.3 Billion, with a trading volume reaching $2,503,113,171, highlighting the burgeoning interest and investment in this fusion of AI and blockchain.
1. SingularityNET ($AGIX)
Market Capitalisation: $899.71M
YTD Gains: +125%
Current Price: $0.71
SingularityNET ($AGIX) is an AI marketplace built on the Cardano ($ADA) blockchain. It was launched in 2017 as a palace where developers could trade various AI software solutions, but it didn’t gain much traction until the ChatGPT-hype turned investors on to AI crypto tokens. The $AGIX token is used to pay transaction fees and staking. A burn mechanism was implemented that will reduce the supply of $AGIX from its maximum supply of two billion over the next 90 years. $AGIX has gained a massive 124% YTD which has pushed its market cap to $250 million.
2. Render ($RNDR)
Market Capitalisation: $2.74B
YTD Gains: +62%
Current Price: $7.25
Render ($RNDR) is a peer-to-peer network of GPU computers deployed on Ethereum. Render offers an interesting solution to the issue of GPUs being too expensive for many developers to purchase. The project allows people to rent out their spare GPU capacity. If someone needs to use a GPU for high-demand rendering, they can simply rent one via Render instead of investing massive sums of cash into buying their own processors.
$RNDR is the project’s native token, and it's been rallying hard in 2023. YTD it has gained 317%, and its market cap recently exceeded $600 million, putting it in the top 100 cryptos.
3. Fetch.ai ($FET)
Market Capitalisation: 905.05M
YTD Gains: +61%
Current Price: $1.088
Fetch.ai ($FET) is an AI and machine learning (ML) blockchain project that aims to improve access to these two potentially revolutionary technologies. The project allows people to create ‘digital twins’ that operate as virtual agents using AI and ML to gather information from the web. The agents can improve how individuals gather and analyse data online, offering opportunities in a wide range of fields, from improved trading to finding the best deals on flights. The project’s native $FET token has returned 117% YTD and offers governance and staking utility.
4. The Graph ($GRT)
Market Capitalisation: $ 2.73B
YTD Gains: +57%
Current Price: $0.2
The Graph ($GRT) is a blockchain project built on Ethereum that is attempting to build the Web3 version of Google Search using AI tools. The Graph holds information that can be accessed on-chain using $GRT to cover transaction fees. Anyone can access The Graph Explorer and scan the database by connecting a browser extension wallet with sufficient $GRT. This token has benefited massively from the AI boom; following a near 100% YTD spike, its market capitalisation has settled just below $1 billion.
5. Ocean Protocol (OCEAN)
Market Capitalization: $432 million
YTD Performance: +39%
Current Price: $0.72
Ocean Protocol ($OCEAN), a decentralized data exchange protocol built on Ethereum, aims to revolutionize data ownership and sharing in the Web3 space. Currently valued at $432 million, it facilitates secure and efficient data exchange between parties through data tokenization, access control, and privacy preservation. While facing a challenging market and regulatory uncertainties, Ocean Protocol boasts strong partnerships and continuous development, potentially presenting a long-term opportunity for investors interested in the future of data monetization.
Is AI Crypto a Good Investment?
ChatGPT going live drew the mass market's attention to AI. Behind the scenes, developers in the crypto space have been building AI crypto tokens for years, and in 2023 massive capital inflows have resulted in triple-digit gains for many of the leading projects. For the rally to continue now that the ChatGPT hype is dying down, these projects will have to prove their real-world utility beyond just attaching the label ‘AI’ to their cryptocurrencies.
