The top AI-related crypto assets

What are the top AI (artificial intelligence) related crypto assets?

It has to be said that many people have doubts about whether a true decentralized cryptocurrency can be based on any kind of real artificial intelligence, and in fact there are no AI-based blockchains, but there are some tokens issued by crypto projects that claim to be using or intend to use artificial intelligence.

A focus on the top AI crypto assets

The top AI crypto related to artificial intelligence are two, although there is also a third even larger one that is often included in this list, but rather than AI it focuses on Big Data.

There are then at least three others in the second tier, to which is added a fourth that, despite being often included in this category, does not actually have much to do with artificial intelligence at all.

The Graph (GRT)

GRT is the ERC-20 token of The Graph, and has a market capitalization of over $1.3 billion. Despite dominating this category unchallenged on many aggregators, The Graph is actually not specifically about AI, but rather Big Data.

In fact, it is an indexing protocol for capturing data on Ethereum and IPFS, which is used in many applications, both in DeFi and in the broader Web3 ecosystem.

Therefore, it is just incorrect to say that it is an artificial intelligence project, but it was worth mentioning because of the fact that it literally dominates this category on several aggregators due to a market cap significantly higher than others.

Indeed, GRT’s price despite this has benefited from the boom in crypto AI tokens in recent weeks, probably precisely because it is taken for such, even though it is not.

If at the beginning of the year the price of GRT was $0.05, by 7 February it had skyrocketed even above $0.22, which is a gain of 7,000% in just over a month.

This outright blunder on the part of investors gives a good idea of how many people operate in the crypto markets without really knowing what they are doing.

In reality, the two main tokens related to artificial intelligence are AGIX from SingularityNET, and FET from Fetch.ai.

SingularityNET (AGIX)

AGIX is the ERC-20 token of SingularityNET.

SingularityNET is a blockchain-based platform that enables anyone to create, share and monetize artificial intelligence services through its dedicated marketplace.

It is therefore for all intents and purposes an top crypto AI project, not so much because it is based on artificial intelligence, but because it operates in the field of artificial intelligence.

However, it is worth mentioning that to date only 75 AI services are listed on its marketplace, despite the fact that the token landed on crypto markets even more than five years ago.

Its debut on the crypto markets came shortly after altcoins peaked in the previous cycle, in January 2018.

Thus it is not surprising that its price immediately touched its all-time high at $0.95, only to collapse during the bear market that had just begun.

By the end of the year it had plummeted to $0.03, but with the collapse of global financial markets in March 2020, due to the onset of the pandemic, its market value plummeted further to $0.01.

By December 2020, before the latest big bull run began, it had climbed back to around $0.05, and during 2021 it had three peaks, all above $0.50.

The biggest peak of 2021 was in June above $0.80, which is not far from the all-time high of 2018.

Then during 2021 it reached +1,500% before starting to fall due to the last bear market.

The 2022 low was about $0.04, or 95% lower than the 2021 peak, but starting on 6 January it began to rise again.

First it rose to $0.20 around mid-January, and then in February it made its second boom to $0.64 on Wednesday.

It then went up another +1,500% in 2023 before falling back toward $0.40.

Fetch.ai (FET)

Something similar has happened to FET, which is Fetch.ai‘s native cryptocurrency.

Fetch.ai is in effect an artificial intelligence platform that aims to connect Internet of Things (IoT) devices and algorithms to enable collective learning.

It is probably the most important real artificial intelligence crypto project in the entire industry.

The FET cryptocurrency debuted in the crypto markets in March 2019, and until January 2021 its market value fell, except for a very short period of growth.

By December 2020, its price was around $0.05, which is at the same price levels as AGIX. Then again, they are also similar in terms of market capitalization, as they both capitalize more than 400 million but less than 500.

During the last big bull run in 2021 it had three peaks, although the second and third were very close.

The all-time high was in September, when it surpassed $1.1.

It is worth noting that this means a boom of more than 2,000%, so better than AGIX.

During the bear market of 2022 it lost 94% of its market value until it fell below $0.06, which is roughly in line with AGIX’s trend.

After an initial small rebound in December, it began to rise again on 4 January, first reaching $0.25 in mid-January, and then again in February to $0.59 on Wednesday.

So over the course of 2023 it has rallied +900%, which is lower than AGIX’s +1,500%.

After that, the price of FET fell to about $0.40, which is perfectly in line with the price of AGIX.

The price of these two cryptocurrencies therefore is moving in a decidedly similar way, although AGIX has been a tad more volatile lately.

Second-tier AI crypto assets, right after the top ranking

Other cryptocurrencies having to do with artificial intelligence are ALI from Artificial Liquid Intelligence, OCEAN from Ocean Protocol, and NMR from Numeraire.

It is worth noting that except for ALI, in whose name the explicit reference to artificial intelligence appears, OCEAN and NMR in the last thirty days have registered only a 90% the former, and even +23% the latter, while for example ALI made a +180% in line with the +117% of FET. AGIX, on the other hand, posted +316%, while GRT +114%.

Indeed, compared to twelve months ago, NMR is only at +53%, with OCEAN at +165%.

FET for example is at +340%, ALI +610% and AGIX +800%.

Thus among the second-tier crypto AIs only ALI is fully benefiting from the boom of this early 2023, perhaps because the other two are not commonly associated with artificial intelligence.

However, to these must be added RLC by iExec, which does not strictly have to do with artificial intelligence but is often included in this category.

ROSE from Oasis Network is also sometimes incorrectly placed in this category, but only when it actually extends to Big Data as well.

This data seems to suggest quite clearly that many investments in cryptocurrencies are not done carefully, that is, they are not the result of specific, case-by-case analysis of the projects and how they work, but only follow the hype and focus mainly on the names and categorizations made, for example, by aggregators.

This would explain well both why it is so easy for speculative bubbles to form that can only burst, sooner or later, and why it sometimes seems that capital in crypto markets moves without any real sensible logic.