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With Bitcoin reaching a new ATH (all-time high) in March 2024, the crypto market<\/a> has truly entered a bullish cycle.<\/p>\nThe SEC\u2019s approval of Bitcoin ETFs, growing interest from institutional investors and regulatory clarity have pushed BTC over 150% since last year.<\/p>\n
Yet, Bitcoin\u2019s rally in this bull market is largely overshadowed by the remarkable growth of AI-based tokens.<\/p>\n
Data from CoinMarketCap<\/a> shows that AI tokens currently hold a market cap of $41.5 billion, with some of the major tokens recording 10 times the growth of Bitcoin<\/a> in the past year.<\/p>\nSo, why are AI (artificial intelligence) tokens suddenly the crypto market\u2019s new favorites? And which tokens are potentially winning this bull market?<\/p>\n
Analyzing the rapid rally of AI tokens<\/strong><\/p>\nAI tokens first took off in early 2023 after ChatGPT launched the GPT-4 module, marking a new era in generative AI advancements.<\/p>\n
Throughout 2023, such tokens saw gradually growing interest from traders, with more industry giants like Microsoft and Google launching their own AI initiatives and development plans.<\/p>\n
The idea that AI is truly the building block of all future technologies is becoming evident through these industry initiatives.<\/p>\n
So, naturally, as the crypto industry is always reactive to significant technological advancements, the interest in such tokens grew consistently throughout the year.<\/p>\n
However, trading interests in AI tokens saw parabolic growth in January 2024, driven by several factors.<\/p>\n
The launch of OpenAI\u2019s Sora<\/a>, a text-to-video model, showcased AI\u2019s truly next-gen capabilities.<\/p>\nAt the same time, OpenAI\u2019s rival, Anthropic, received nearly $3 billion in investment in its latest funding round.<\/p>\n
These developments saw interest in AI tokens increase dramatically, with trading volume across various exchanges surging over 400%<\/a>.<\/p>\n<\/p>\nNvidia also reported<\/a> its fourth-quarter earnings in February 2024 that exceeded expectations, with earnings per share and revenue surpassing Wall Street\u2019s predictions.<\/p>\nNvidia\u2019s success is a barometer for the tech industry at large, particularly for sectors involved with AI and machine learning.<\/p>\n
The company\u2019s strong performance can signal robust health and innovation in these areas, which directly benefits AI-related tokens in the crypto market.<\/p>\n
Another key factor was Vitalik Buterin\u2019s endorsement<\/a> of AI as the future of blockchain security.<\/p>\nThe Ethereum<\/a> co-founder suggested we can leverage AI technology to improve code audits and reduce bugs in blockchain projects, which will go a long way in solving the cybersecurity crisis in the crypto industry.<\/p>\nThese factors cumulatively drove such tokens to outperform leading cryptocurrencies such as Bitcoin and Ethereum.<\/p>\n
AI tokens to watch closely in 2024<\/strong><\/p>\nThere were evident winners in this AI bull run, with some tokens outperforming market expectations.<\/p>\n
Worldcoin (WLD) has undeniably led this rally of AI tokens, increasing nearly 790% since its launch in September 2023, just seven months ago.<\/p>\n
Being a venture of OpenAI\u2019s CEO Sam Altman, Worldcoin<\/a> significantly benefited from the hype around Sora. The token reached an ATH in early March 2024.<\/p>\nHowever, the token has faced severe backlash<\/a> from regulators worldwide. A key feature of the project is scanning users\u2019 eyeballs and providing tokens in exchange for biometric data.<\/p>\nThis has raised privacy concerns in several countries, including Portugal and Spain.<\/p>\n
Despite the increased scrutiny, user interest in WLD has remained steady, which potentially reflects the token\u2019s resilience to regulatory challenges.<\/p>\n
Another potential AI token to watch is Render<\/a> (RNDR), which has increased by over 800% in a year.<\/p>\nThe project has announced major developments in recent weeks \u2013 <\/span>the most recent being a proposal<\/a> to build 3D datasets for next-gen AI applications.<\/p>\nSingularityNet<\/a>, Fetch.ai<\/a>\u00a0and Ocean Protocol<\/a> could also be some of the most exciting ventures to watch in the AI space. All of these tokens have individually recorded nearly 100% gains since January 2024.<\/p>\nRecent reports<\/a> suggest that the three tokens are potentially discussing a merger to emphasize collective efforts in developing blockchain-based decentralized AI protocols.<\/p>\nSuch initiatives could see these tokens continue to perform positively throughout the bull market. It\u2019s evident that AI tokens are the new favorite of the crypto market \u2013<\/span> and for all the right reasons.<\/p>\nSuch projects are bringing a new era of scalability, security and interoperability to the industry that would collectively benefit all cryptocurrency projects and platforms.<\/p>\n
However, it\u2019s important to note the inherent volatility risks in the crypto market.<\/p>\n
Just as interest in AI tokens saw a parabolic growth in recent months, it could decline due to regulatory decisions or other external factors.<\/p>\n
So, it\u2019s always important to remain vigilant and consider your risk appetite before diving into such ventures.<\/p>\n
\nYely Kopan is a PR advisor and director of public relations at INPUT Communications Agency<\/a>. She is a former data analyst, journalist, TV show scriptwriter, marketer and PR for media who turned to become a publicist.<\/span><\/p>\n\u00a0<\/p>\n
The SEC\u2019s approval of Bitcoin ETFs, growing interest from institutional investors and regulatory clarity have pushed BTC over 150% since last year.<\/p>\n
Yet, Bitcoin\u2019s rally in this bull market is largely overshadowed by the remarkable growth of AI-based tokens.<\/p>\n
Data from CoinMarketCap<\/a> shows that AI tokens currently hold a market cap of $41.5 billion, with some of the major tokens recording 10 times the growth of Bitcoin<\/a> in the past year.<\/p>\n So, why are AI (artificial intelligence) tokens suddenly the crypto market\u2019s new favorites? And which tokens are potentially winning this bull market?<\/p>\n Analyzing the rapid rally of AI tokens<\/strong><\/p>\n AI tokens first took off in early 2023 after ChatGPT launched the GPT-4 module, marking a new era in generative AI advancements.<\/p>\n Throughout 2023, such tokens saw gradually growing interest from traders, with more industry giants like Microsoft and Google launching their own AI initiatives and development plans.<\/p>\n The idea that AI is truly the building block of all future technologies is becoming evident through these industry initiatives.<\/p>\n So, naturally, as the crypto industry is always reactive to significant technological advancements, the interest in such tokens grew consistently throughout the year.<\/p>\n However, trading interests in AI tokens saw parabolic growth in January 2024, driven by several factors.<\/p>\n The launch of OpenAI\u2019s Sora<\/a>, a text-to-video model, showcased AI\u2019s truly next-gen capabilities.<\/p>\n At the same time, OpenAI\u2019s rival, Anthropic, received nearly $3 billion in investment in its latest funding round.<\/p>\n These developments saw interest in AI tokens increase dramatically, with trading volume across various exchanges surging over 400%<\/a>.<\/p>\n<\/p>\n Nvidia also reported<\/a> its fourth-quarter earnings in February 2024 that exceeded expectations, with earnings per share and revenue surpassing Wall Street\u2019s predictions.<\/p>\n Nvidia\u2019s success is a barometer for the tech industry at large, particularly for sectors involved with AI and machine learning.<\/p>\n The company\u2019s strong performance can signal robust health and innovation in these areas, which directly benefits AI-related tokens in the crypto market.<\/p>\n Another key factor was Vitalik Buterin\u2019s endorsement<\/a> of AI as the future of blockchain security.<\/p>\n The Ethereum<\/a> co-founder suggested we can leverage AI technology to improve code audits and reduce bugs in blockchain projects, which will go a long way in solving the cybersecurity crisis in the crypto industry.<\/p>\n These factors cumulatively drove such tokens to outperform leading cryptocurrencies such as Bitcoin and Ethereum.<\/p>\n AI tokens to watch closely in 2024<\/strong><\/p>\n There were evident winners in this AI bull run, with some tokens outperforming market expectations.<\/p>\n Worldcoin (WLD) has undeniably led this rally of AI tokens, increasing nearly 790% since its launch in September 2023, just seven months ago.<\/p>\n Being a venture of OpenAI\u2019s CEO Sam Altman, Worldcoin<\/a> significantly benefited from the hype around Sora. The token reached an ATH in early March 2024.<\/p>\n However, the token has faced severe backlash<\/a> from regulators worldwide. A key feature of the project is scanning users\u2019 eyeballs and providing tokens in exchange for biometric data.<\/p>\n This has raised privacy concerns in several countries, including Portugal and Spain.<\/p>\n Despite the increased scrutiny, user interest in WLD has remained steady, which potentially reflects the token\u2019s resilience to regulatory challenges.<\/p>\n Another potential AI token to watch is Render<\/a> (RNDR), which has increased by over 800% in a year.<\/p>\n The project has announced major developments in recent weeks \u2013 <\/span>the most recent being a proposal<\/a> to build 3D datasets for next-gen AI applications.<\/p>\n SingularityNet<\/a>, Fetch.ai<\/a>\u00a0and Ocean Protocol<\/a> could also be some of the most exciting ventures to watch in the AI space. All of these tokens have individually recorded nearly 100% gains since January 2024.<\/p>\n Recent reports<\/a> suggest that the three tokens are potentially discussing a merger to emphasize collective efforts in developing blockchain-based decentralized AI protocols.<\/p>\n Such initiatives could see these tokens continue to perform positively throughout the bull market. It\u2019s evident that AI tokens are the new favorite of the crypto market \u2013<\/span> and for all the right reasons.<\/p>\n Such projects are bringing a new era of scalability, security and interoperability to the industry that would collectively benefit all cryptocurrency projects and platforms.<\/p>\n However, it\u2019s important to note the inherent volatility risks in the crypto market.<\/p>\n Just as interest in AI tokens saw a parabolic growth in recent months, it could decline due to regulatory decisions or other external factors.<\/p>\n So, it\u2019s always important to remain vigilant and consider your risk appetite before diving into such ventures.<\/p>\n Yely Kopan is a PR advisor and director of public relations at INPUT Communications Agency<\/a>. She is a former data analyst, journalist, TV show scriptwriter, marketer and PR for media who turned to become a publicist.<\/span><\/p>\n \u00a0<\/p>\n
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