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Artificial intelligence market capitalization doubles to $25 billion as the world remains engrossed in the development of AI technologies.

The total market capitalization of the AI-cryptocurrency sector has more than doubled to $25.1 billion in less than a month as the world remains engrossed in the development of AI technologies, according to CryptoSlate. Overall, the market is up about 150% from $9.64 billion on Feb. 16. The sector has also seen short-term gains, with gains of 5.42% in the last 24 hours and 23.88% in seven days. The six largest AI-related tokens by market capitalization are Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), Fetch (FET), SingularityNET (AGIX), and WorldCoin (WLD).

In recent months, Internet Computer has announced several AI-related initiatives, mainly aimed at creating decentralized artificial intelligence by running large language models (LLMs) in the form of networked smart contracts. ICP is up 13.2% over the past week, with a market capitalization of $6.9 billion.

Bittensor aims to create a decentralized machine learning network and is one of the most effective projects in the last few months. Despite the fact that the project is at an early stage of development, it was recognized by Ethereum creator Vitalik Buterin in February. Bittensor’s native token TAO is up 19.91% over the past week, with a market capitalization of $4.7 billion.

The Graph (GRT) is a project that indexes blockchain data for use in various applications. Although the project is not exclusively about artificial intelligence, the developers described the possibilities of using artificial intelligence in the project in March 2023, such as automating decision making and minimizing barriers to access to data. GRT is up 20.42% over the past week, with a market capitalization of $3.3 billion.

Fetch.AI is a blockchain project that provides various AI applications and services, including AI agents. Fetch AI recently announced a $100 million infrastructure investment that will see new graphics processing units (GPUs) introduced into the project. The company also plans to reward FET token holders. FET is up 78.96% over the past week, with a market capitalization of $2.2 billion.

SingularityNET is a decentralized artificial intelligence services marketplace based on blockchain. While the project hasn’t seen much change recently, founder Ben Goertzel headlined the AGI Benefit Summit in Panama in late February. This may have contributed to the project’s recent growth. AGIX is up 63.95% over the past week, with a market capitalization of $1.5 billion.

Worldcoin is a biometric identification project that provides cryptocurrency rewards to users. Spain imposed a temporary ban on WorldCoin data collection on March 6, which may have led to a 24-hour loss of the WLD token. Additionally, Elon Musk sued Sam Altman’s OpenAI on March 1, which coincided with a drop in WLD prices. These losses occurred despite no formal relationship between OpenAI and Worldcoin, beyond Altman’s leadership role in both firms. Over the past week, WLD is down 6.19% with a market capitalization of $1.1 billion.

The above-mentioned market growth is accompanied by various industry developments in the AI industry, all of which may have generated wider excitement and indirectly impacted AI token prices. So, on March 4, Anthropic AI released the 3rd version of its Claude AI, which caused a lot of buzz due to its advanced awareness. Meanwhile, OpenAI recently debuted its text-to-video service Sora, which continues to attract attention as the company releases new video samples in the following days.

Spending on AI continues to rise around the world, with the US government recently announcing $30 million in funding for AI chip production and India committing $1.2 billion to invest in AI development. AI tokens also benefited from the overall crypto market rally as Bitcoin (BTC) returned to price levels last seen during the 2021 bull run. The flagship cryptocurrency briefly broke its record in the weeks before the March 5 halving, the first time in its history.

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