In a remarkable turn of events, the market cap of the artificial intelligence (AI) cryptocurrency sector has witnessed a significant surge, increasing by $1.07 billion in a span of only 12 days. This growth can be attributed to the impressive performance of bittensor (TAO), which experienced a notable 31.6% increase against the U.S. dollar in the past week.
A Positive Trend for AI-Centric Crypto Assets
The AI-focused cryptocurrency market, comprising of 81 distinct assets, has witnessed a positive upward trajectory. This growth comes as a recovery from a slump experienced on January 22, 2024, when the AI-crypto market's value had dropped to $6.08 billion, losing nearly a billion dollars since the beginning of the month.
However, the current figures paint a different picture, with the AI-driven crypto niche now boasting a valuation of $7.15 billion, marking an increase of approximately 17.59% in just 12 days. The market capitalization of bittensor (TAO) stands out as the highest among AI-focused digital currencies, reaching approximately $2.73 billion.
Bittensor (TAO): Revolutionizing Machine Learning Infrastructures
Bittensor (TAO) is a decentralized machine learning protocol that aims to revolutionize the creation of machine learning infrastructures. In the past week, TAO has experienced a significant rise of 31.6%, and since the beginning of the year, the crypto asset has appreciated by 61.7% when compared to the U.S. dollar.
Performance of Other AI-Focused Tokens
While bittensor (TAO) has shown impressive growth, the second-largest AI-dedicated token, the graph (GRT), has witnessed a slight decline of 1.66% over the week. Similarly, fetch (FET), the third-largest AI-focused token, has seen a decrease of 8.88%. GRT operates as an open-source indexing protocol coin, while FET serves as a token for the decentralized machine learning platform known as the Fetch.ai Network.
On the other hand, singularitynet (AGIX), a coin for the decentralized AI marketplace, has registered a 2.01% increase this week. In contrast, ocean protocol (OCEAN), the governance token for the decentralized data exchange platform, experienced a 2.24% decrease over the last seven days. Other notable AI-focused cryptocurrencies that have shown significant gains include iexec rlc (RLC), which spiked by 11.22%, and numeraire (NMR), which ascended by 28.65%.
The Convergence of AI and Cryptocurrency
The surge in interest for AI cryptocurrency assets stems from the convergence of artificial intelligence (AI) with the cryptocurrency and blockchain arena, resulting in the emergence of this unique class of digital assets. These tokens play a crucial role in supporting AI-centric projects, applications, and services within a blockchain environment. They aid in transaction facilitation, protocol governance, and the promotion of innovation within the ecosystem.
The Future of AI Crypto Assets
The growing market fascination with AI crypto assets is further supported by substantial investment predictions, suggesting that spending on AI could reach trillions in the coming decade. Archived data reveals that since February 28, 2023, the AI crypto sector has grown by an astonishing $3.09 billion in value.
The AI cryptocurrency sector has experienced remarkable growth, with its market cap increasing by $1 billion in just 12 days. This surge in value can be attributed to the impressive performance of bittensor (TAO) and the overall convergence of AI with the cryptocurrency and blockchain industry. As the market continues to evolve, AI crypto assets are expected to play a significant role in supporting AI-centric projects and driving innovation within the ecosystem.
What are your thoughts on the recent growth of the AI crypto sector? Share your opinions in the comments section below.
Frequently Asked Questions
Is buying gold a good retirement plan?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. Owning gold stocks should work well if you need cash flow from your investment.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
Is gold a good IRA investment?
For anyone who wants to save some money, gold can be a good investment. It is also an excellent way to diversify you portfolio. But gold is not all that it seems.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is often called “the oldest currency in the world.”
But unlike paper currencies, which governments create, gold is mined out of the earth. It is very valuable, as it is rare and hard to create.
The price of gold fluctuates based on supply and demand. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The result is that gold's value increases.
On the flipside, people may save cash rather than spend it when the economy slows. This results in more gold being produced, which drives down its value.
It is this reason that gold investing makes sense for businesses and individuals. If you have gold to invest, you will reap the rewards when the economy expands.
In addition to earning interest on your investments, this will allow you to grow your wealth. Plus, you won't lose money if the value of gold drops.
Who holds the gold in a gold IRA?
The IRS considers any individual who holds gold “a form of income” that is subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Can the government seize your gold?
You own your gold and therefore the government cannot seize it. It is yours because you worked hard for it. It belongs exclusively to you. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. If you owe taxes, your precious metals could be taken away. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
Should You Open a Precious Metal IRA?
You should be aware that precious metals cannot be covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes all investments that are lost to theft, fire, flood, or other causes.
This type of loss can be avoided by investing in physical silver and gold coins. These items have been around for thousands of years and represent real value that cannot be lost. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
When you open an account, keep in mind that you won't receive any returns until your retirement. Do not forget about the future!
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Lawful – WSJ
Investing in gold or stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because many people believe that gold investment is no longer profitable. This belief is due to the fact that many people see gold prices dropping because of the global economy. They fear that investing in gold will result in a loss of money. However, investing in gold can still provide significant benefits. Here are some examples.
Gold is the oldest known form of currency. It has been in use for thousands of year. It is a valuable store of value that has been used by many people throughout the world. As a means of payment, South Africa and many other countries still rely on it.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. If you're interested in buying gold bullion, it is crucial that you decide how much per gram. You could contact a local jeweler to find out what their current market rate is.
It's worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. Although gold's price has fallen, its production costs have not.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. However, if you are planning on doing so for long-term investments, then it is worth considering. If you sell your gold for more than you paid, you can make a profit.
We hope our article has given you a better understanding of gold as an investment tool. It is important to research all options before you make any decision. Only then will you be able to make an informed decision.
By: Jamie Redman
Title: The AI Cryptocurrency Sector Grows by $1 Billion in Just 12 Days
Sourced From: news.bitcoin.com/ai-crypto-market-cap-leaps-1-07-billion-in-12-days-led-by-bittensors-rise/
Published Date: Sat, 03 Feb 2024 21:00:33 +0000