The total value of AI-related cryptocurrencies is rising as institutional investors tap it as the technology that will shape trading the most in the future.
The total market cap of AI and big data-related crypto is rising and closing in on $5 billion at a little over $4.9 billion, up 24.89% in the last 24 hours.
Popular Twitter crypto news outlet Wu Blockchain disclosed the development in a tweet today. According to Wu Blockchain, the latest surge in interest in AI-related crypto is due to the popularity of Open AI’s ChatGPT.
The top coins in this category by market cap include The Graph (GRT), SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN). Notably, all the above tokens are up at least 20% in the last 24 hours at press time.
Due to the recent popularity of ChatGPT, the current total market value of Tokens related to AI and big data is close to $5b, with an increase of 25% in the past 24h, such as GRT, AGIX, FET and OCEAN. https://t.co/mHGDREfVFc
— Wu Blockchain (@WuBlockchain) February 7, 2023
The latest trend comes as over 50% of the institutional investors that responded to the latest JP Morgan survey have tapped the technology to have the most significant impact on trading in the future. Notably, the survey received responses from 835 institutional investors across 60 global markets, per the latest e-Trading Edit report.
In comparison, blockchain received a nod from only 12% of the institutional investors surveyed, with three out of four declaring a lack of interest in trading crypto. For context, AI and blockchain technology tied at 25% last year.
Notably, this interest was also visible during the World Economic Forum this year, as AI dominated conversations, as highlighted by a CNBC report.
Unsurprisingly, big tech giants Microsoft and Alphabet (Google’s parent company) have already thrown their hats in the ring in a battle to gain controlling market share in the future.
Microsoft recently backed ChatGPT with a $10 billion deal to become the exclusive cloud partner for Open AI. Notably, the company is hosting a press event today with users expecting it to speak more on the agreement with speculation of ChatGPT integration with Bing, Microsoft’s search engine.
Meanwhile, yesterday, Google unveiled Bard its response to ChatGPT. In a blog post, Google’s CEO, Sundar Pichai, described it as an “experimental conversational AI service.” Presently, the company has only made it available to a limited number of testers.
ChatGPT is classified as generative AI due to its ability to create new content from provided input. Users have already discovered creative use cases for the interactive AI, with pundits tapping it as a Google disrupter. However, as highlighted in a previous report, it also tends to be wrong.