Over the course of only 12 days, the market capitalization of the artificial intelligence (AI) cryptocurrency sector has surged from $6.08 billion to its current valuation of $7.15 billion. This remarkable growth can be attributed primarily to the impressive performance of bittensor (TAO), which has seen a significant increase of 31.6% against the U.S. dollar in the past week.
A Billion-Dollar Comeback for the AI-Centric Crypto Economy
The collective market value of 81 distinct AI-focused cryptocurrency assets is on an upward trajectory. This growth follows a slump that the sector experienced on January 22, 2024, when the AI-crypto market's worth had dwindled to $6.08 billion, losing nearly a billion dollars since the beginning of the month.
However, the current figures present a stark contrast, 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. Currently, bittensor (TAO) holds the highest market capitalization among AI-focused digital currencies, reaching approximately $2.73 billion.
Revolutionizing Machine Learning Infrastructures with Bittensor (TAO)
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 rise of 31.6%, and since the beginning of the year, the crypto asset has appreciated by 61.7% when compared to the value of the U.S. dollar.
Performance of Other AI-Focused Cryptocurrencies
While bittensor (TAO) leads in market capitalization, 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 digital currency, has experienced 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.
Singularitynet (AGIX), a coin for the decentralized AI marketplace, has registered a 2.01% increase this week. Conversely, ocean protocol (OCEAN), the governance token for the decentralized data exchange platform, experienced a 2.24% decrease over the last seven days. Other AI-focused cryptocurrencies that have shown significant gains this week include iexec rlc (RLC), which spiked by 11.22%, and numeraire (NMR), which ascended by 28.65%.
The Rise of AI Cryptocurrency Assets
The surge in interest for AI cryptocurrency assets stems from the convergence of artificial intelligence (AI) with the cryptocurrency and blockchain arena, giving birth to this distinctive class of digital assets. These tokens play a crucial role in supporting AI-centric projects, applications, and services within a blockchain environment. They facilitate transactions, govern protocols, and promote innovation within the ecosystem.
A Promising Future for AI Cryptocurrency Assets
The growing market fascination with AI crypto assets is further supported by significant investment predictions, which indicate that spending on AI could reach trillions of dollars in the coming decade. Archived data shows that since February 28, 2023, the AI crypto sector has grown by $3.09 billion in value.
The AI cryptocurrency sector has experienced remarkable growth, with a $1 billion increase in just 12 days. This surge in value highlights the increasing interest and potential of AI-focused digital currencies. As the convergence of AI and blockchain continues to unfold, these assets are poised to play an essential role in shaping the future of technology and innovation.
What are your thoughts on the AI crypto sector's recent growth? Let us know in the comments section below.
Frequently Asked Questions
What are some of the benefits of a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. It's tax-deferred until you withdraw it. You have total control over how much each year you take out. There are many types and types of IRAs. Some are better for those who want to save money for college. Some are better suited for investors who want higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. The earnings earned after they withdraw the funds aren't subject to any tax. This account is a good option if you plan to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. That means you won't have to think about making deposits every month. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. As a result, it's often considered a good choice when protecting your savings from inflation.
Can I buy gold with my self-directed IRA?
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments based on the price of gold. These contracts allow you to speculate on future gold prices without actually owning it. However, physical bullion is real gold or silver bars you can hold in your hands.
Which precious metals are best to invest in retirement?
It is gold and silver that are the best precious metal investment. They're both easy to buy and sell and have been around forever. You should add them to your portfolio if you are looking to diversify.
Gold: Gold is one the oldest forms currency known to man. It is stable and very secure. It's a great way to protect wealth in times of uncertainty.
Silver: Silver has always been popular among investors. It's a good choice for those who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. However, it's much more expensive than either of its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used for jewelry making. It's also relatively inexpensive compared to other precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- 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)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
3 Ways To Invest in Gold For Retirement
It's essential to understand how gold fits into your retirement plan. You have many options for investing in gold if there is a 401K account at your workplace. You may also want to consider investing in gold outside of your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
If you do invest in gold, follow these three simple rules:
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, invest in cash. This will help protect you against inflation and keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. It's easier to sell physical gold coins rather than certificates. You don't have to store physical gold coins.
- Diversify your Portfolio. In other words, spread your wealth around by investing in different assets. This reduces risk and allows you to be more flexible during market volatility.
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