Recent market data has revealed a remarkable surge in the AI-focused cryptocurrency sector, with its value experiencing a significant increase of nearly $2 billion in just under two weeks. This growth has been primarily driven by the token Bittensor (TAO), which recorded an impressive 86.5% increase in the last fortnight.
Bittensor, launched in 2021, has a current supply of 5,225,553 tokens. The last known price of Bittensor was 258.69584703 USD, showing an uptick of 3.80% over the last 24 hours. It is actively traded on 8 markets, with a substantial trading volume of $6,707,663.62 over the same 24-hour period. As of the latest data, Bittensor’s market capitalization stands at approximately $1.38 billion, based on its circulating supply, which marks a significant milestone for the token.
The broader AI-oriented cryptocurrency landscape has also been experiencing robust growth, with the top six AI tokens all seeing double-digit percentage increases. In the last 30 days, TAO has led this surge with an astonishing 207% rise, followed by other notable tokens like Fetch.ai (FET), which climbed 46.34%, and Covalent (CQT) with a 41.91% increase against the U.S. dollar.
Interestingly, the AI-centric cryptocurrency market has been undergoing a recovery over the past three months. As of November 17, 2023, the valuation of this sector stood at $3.32 billion, recovering from a July end low of $2.6 billion. This growth trajectory has been particularly steep in the last 12 days, with the sector expanding by an impressive $1.97 billion.
The trading volume in the AI token market has also seen a dramatic increase. Data from Kaiko, a renowned on-chain analytics firm, shows that the trading volume was below $1 billion in the initial weeks of October but surpassed $3 billion in November. This surge in trading volume is indicative of the growing investor interest and market activity in AI-related cryptocurrencies.
In this context, early November marked the peak of trading activities in the past four months, where the trading volume for AI tokens surpassed $3 billion. Subsequently, the volume has fluctuated within the range of $2 billion to $3 billion. Notably, the WLD token, associated with OpenAI’s CEO Sam Altman, commanded a significant share of trading activities, especially following Altman’s reinstatement as OpenAI CEO in the third week of November.