At the start of this year, products integrating artificial intelligence (AI) caught a glimpse of tangible demand with a rocketing high of AI-focused software noted throughout the web.
Subsequently, this trend suffuses into the cryptocurrency sphere, resulting in up to 74 AI-centric tokens amounting to a value of $4.03 billion by the end of February.
At its peak, however, the AI crypto market documented a market high of $444.39 million 24-hour trade volume on February 27, 2023.
Today, however, both trade volume and market valuation within the AI crypto sector have frightfully dropped off at a pace unprecedented.
Moreover, Data from cryptoslate.com reveals a total of 89 crypto assets tied to AI that are presently valued at $2.93 billion at the high.
Despite an added 15 AI-centric tokens being put forward, $1.1 billion in value has run out of the AI crypto space in the past 90 days.
An Accounted Fall With Little Gains in AI-crypto
On Sunday, May 28, an account of roughly $409 million worth of trades took place around AI-focused tokens.
Notably, when the AI-crypto economy peaked at an all-high $4 billion, it accounted for 0.37% of the overall crypto market’s net worth.
As of now, the AI-crypto industry simply makes up 0.26% of the whole crypto economy’s total value over the weekend.
Over the past month, all the top five AI crypto assets have suffered losses, recording an all-out low.
The biggest AI crypto by market cap, graph (GRT), lost 12.27%. Singularitynet (AGIX), scaling second in spans of market capitalization among AI cryptos, traded a loss of 8.25% against the U.S. dollar during this period.
Additionally, ocean protocol (OCEAN) encountered a decrease of 3.66% against the USD.
Meanwhile, fetch (FET) underwent the most notable losses among the top five AI cryptocurrencies in the past month, plunging 22.84%.
As for Exec LLC (RLC), the fifth largest AI coin based on market cap, it saw minimal losses of simply 0.05% within the last 30 days
Despite these losses, all five AI coins saw 24-hour gains, and two of the top five AI tokens by market cap accounted for seven-day gains — comprising AGIX increasing by 4.29% and OCEAN climbing by 6.95% over the past week.
