The cryptocurrency industry is home to various categories and projects. Some tackle transaction speed and fees, whereas others embrace innovative technologies. Artificial intelligence altcoins may become an exciting frontier as several currencies note substantial gains.
January 2023 has proven bullish for all cryptocurrencies. Bitcoin reclaimed thousands of dollars in lost value, and altcoins followed suit. Although the momentum has quieted down, good money is still to be made. Finding the optimal investments remains critical, even though altcoins will always pose an investment risk.
The past week has proven bullish for artificial intelligence altcoins. Most people are familiar with some currencies in this category, like Fetch,ai, SingulartyNET, or Ocean Protocol. Some of these projects have been around for years without gaining much recognition. First-mover advantage is crucial, but projects may launch ahead of their ‘optimal window”.
However, momentum is building for artificial intelligence altcoins. They represent a combined market cap of $2.23 billion, and have over half that in trading volume. Several currencies gained over 200% in value this week, including:
- SingularityNET (AGIX – +223%)
- SingularityDAO (SDAO – +201%)
- Botto (BOTTO – +331%)
- Anchor Neural World (ANW – +476%)
- Synesis One (SNS – +345%)
In addition, Fetch.AI gained 110.7%, and Artificial Liquid Intelligence (ALI) gained 166%. It is worth noting none of the artificial intelligence altcoins tracked by CoinGecko lost value in the past week. Some performed meagerly – like Step App – but the token still gained value.
The big question is whether artificial intelligence altcoins can continue the bullish momentum. Most assets have an inverse correlation with Bitcoin and Ethereum. Those leading currencies are under a bit of bearish pressure, yet AI-oriented coins aren’t phased by it. Except for GNY, all coins gained value in the past 24 hours.
Whether that makes these currencies a valuable investment is a matter of opinion. These currencies aren’t listed on big exchanges or have low liquidity. However, assets like AGIX, FET, OCEAN, and NMR have over $100 million in daily trades.
It may prove worthwhile for traders to check out some artificial intelligence altcoins only found on Uniswap or PancakeSwap. Should these assets get listed on Binance or Coinbase, their value is likely to soar.
However, combining artificial intelligence and cryptocurrency is a novel field. Creating a cryptocurrency is the easy part of that equation. There will undoubtedly be many future AI altcoins exploring this field without building anything worthwhile.
Trading cryptocurrencies always carries certain risks. Research projects before making a financial commitment.
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