AI (Artificial Intelligence) is one of the most unexpectedly evolving applied sciences of our time. It has the possible to revolutionize surely each industry, and it is no shock that the world of cryptocurrency is no exception.
As the demand for AI-powered options continues to grow, so too does the demand for AI-powered cryptocurrencies. In this article, we will take a nearer seem to be at the pinnacle AI crypto coin to make investments in 2023, and why it might also be well worth thinking about as phase of your investment portfolio.
The Rise of AI in Cryptocurrency
Cryptocurrency has been a warm subject matter in the economic world for many years now. However, the introduction of AI into the area has opened up new chances and has taken the enterprise to the subsequent level. AI has the practicable to radically change the way in which we have interaction with cryptocurrencies, making it easier, faster, and extra environment friendly to use. Additionally, AI can additionally assist to limit the threat related with investing in cryptocurrencies via offering extra correct market predictions and analysis.
The Benefits of Investing in AI Crypto Coins
Investing in AI crypto cash provides a quantity of advantages that are now not accessible with typical cryptocurrencies. For one, AI crypto cash are usually extra impenetrable and have higher safety in opposition to hacking and fraud. Additionally, AI crypto cash are greater efficient, with quicker transaction instances and decrease fees. Furthermore, AI crypto cash are additionally greater scalable, making it less difficult for builders to create and put into effect new functions and services.
Top AI Crypto Coins to Consider in 2023
Decentralized projects like Fetch.ai, The Graph, CORTEX, Deepbrain and more offer specific AI services or have a built-in AI ethos. So, tokens relevant to these projects are known as AI cryptocurrencies.
1. Fetch.ai (FET): AI Infrastructure
About the project
Fetch.ai is a machine-learning ecosystem with a focus on being permissionless and decentralized. It aims to build a smart AI-based infrastructure with FET tokens as the incentive to use and offer services.
Fetch.ai is more like a blockchain-specific AI lab, which aims to make AI tooling kits accessible to all. Further, DeFi trading marketplaces, energy grids, travel systems, and other industries can rely on Fetch.ai for their AI-powered infrastructure.
Use-cases
Fetch.ai aims to offer the following benefits:
- Offering scalable and secure infrastructure.
- Offering ready machine learning models and intelligent smart contracts.
- Supporting low-latency transactions.
- Implementation across logistics, energy, and finance-specific verticals.
Why it is Important ?
Fetch.ai is like a massive playground. Small robots (autonomous agents) within the playground can help you carry props and navigate the realm. Anyone interested in exploring the playground can request the robots. And the entire playground is built on blockchain, focusing on security and immutability.
Fetch.ai is unique as it aims to build a global market of machine learning tools.
Technical analysis
As of Feb. 11, 2023, FET — the native token of the Fetch.ai ecosystem — is up 98% week-on-week. So what does the price action look like in the short term?
The daily chart reveals that FET has broken out of a falling wedge pattern, more clearly than expected, to trade at $0.5344. However, we can expect some near-term consolidation at the counter, owing to the bearish divergence exhibited by the RSI. Further, the buying momentum seems to be waning, with RSI making lower highs.
Yet, if the green volume pillars continue to march ahead, FET might invalidate any bearish trend. In that case, $0.706 is the next level to beat.
2. The Graph: Data querying for AI-based DApps
About the project
In terms of market cap, The Graph is the top AI cryptocurrency. It is a go-to web3 project meant for querying data from the likes of Ethereum. And while it isn’t directly linked to AI in terms of service offering or deployment, it is a reliable solution for AI developers planning to develop a model by requesting data from the services associated with The Graph.
It has a global crypto rank of 40 and has exposure across multiple verticals — Big Data, AI, DeFi, Enterprise Solutions, and more. Lastly, The Graph is also Ethereum-based, and its token — GRT — is ERC-20 compatible.
Use-cases
Even though The Graph isn’t directly linked to AI, it still manages to stand for the following use cases:
- Decentralized and secure data access.
- Seamless data curation for AI models, machine learning, and AI algorithms.
- Enabler of AI-powered DApps.
Why it is Important ?
The Graph can set you up if you plan on powering your blockchain-specific AI application with data from other blockchains. Therefore, it allows individuals to make room for more interoperable AI-driven DApps.
Technical analysis
GRT, the native token of The Graph, is up 113.64% over the past week. And it might just have the legs to move higher. You can see that the green line (50-day moving average) crossed the blue line (100-day MA), which started the rally at GRT’s counter. Moreover, the green line is moving toward the red line, and any crossover might push the prices higher, maybe towards $0.215.
The momentum indicator also makes higher highs, which might further validate the up-trending price action. At present, GRT is trading close to the $0.186 mark.
3. Cortex: AI-based marketplace
About the project
Cortex, the project, is all about allowing users to upload their AI models to a distributed network. Further, as an open-source platform, it makes AI accessible and allows the models and logic to integrate seamlessly with smart contracts and DApps.
Use-cases
The Cortex ecosystem boasts the following use cases:
- Making way for secure and AI-powered DApps.
- Supports buying and selling of AI models
- It also works as a marketplace for AI data.
Why it is Important ?
Cortex is one of the more trailblazing AI projects for various reasons — bringing AI to the decentralized world and serving as a marketplace for your diverse AI-specific needs. Further, the native token CTXC works to incentivize the space.
Technical analysis
CTXC is up 41.11% week-on-week as of Feb. 8, 2023. Moreover, daily chart A shows that a small consolidation might be imminent. Finally, notice the bearish divergence with the RSI indicator making lower highs. In contrast, the price chart is making higher highs.
CTXC is currently trading at $0.3051, and we expect it to find strong support at $0.2521, provided the dip happens.
4. DeepBrain Chain: AI development and deployment platform
About the project
We saved the most impactful, direct AI project for the last. DeepBrain Chain is a blockchain-specific ecosystem for training, developing, and deploying AI models for a wide range of services and products.
Use-cases
As far as the use cases are concerned, here are the attributes that DeepBrain Chain is known for:
- It offers cost-effective training data.
- It also helps with AI-related data storage and processing. And the decentralized ecosystem keeps tampering out of the equation.
Why it is Important ?
The availability of a decentralized ecosystem for the development of AI models is what makes DeepBrain Chain unique. Centralized development isn’t all that kind to AI developers, who often get lost in oblivion. So, DeepBrain Chain aims to change that, letting companies and individuals access AI power whilst keeping the providers at the forefront.
Technical analysis
DeepBrain Chain seems to be one of the more potent combinations of AI and blockchain technology. And that is exactly why the AI crypto rally has managed to push DBC — the native token of the project — up by 111.62%, week-on-week.
DBC is trading at $0.0076, back inside the rising wedge pattern. Notice that the 4-hour chart shows a false breakout from the rising wedge. Plus, the rounded top and the following dip look bearish in the short term. Unless DBC tries to break out above the ascending upper trendline again, we can expect the prices to consolidate slightly from the current levels.
5. Hera Finance: AI-powered DEX aggregator
About the project
For the unversed, Hera Finance is a DeFi project that doubles down as a DEX aggregator. And its native token, HERA, allows holders to initiate token swaps and explore other DeFi-specific services.
Use-cases
Hera Finance boasts the following use cases:
- It connects market maker pools with AI models helping locate every possible route to token swapping.
- The AI-powered protocol can split your massive trades into smaller fractions, finding you better liquidity across chains.
Why it is Important ?
As an AI-powered DEX aggregator, Hera Finance is a great choice for exploring zero-slippage swaps. And it is interoperable, courtesy of an AI-led pathfinder.
Price analysis
If you look at the current 7-day price chart of HERA — the native token of Hera Finance — you might see it making a couple of lower highs. Therefore, we would not be surprised if we saw a small consolidation at HERA’s counter. It has increased by over 65% week-on-week as of Feb. 8, 2023, and is currently trading at $2.97.
However, a move and a daily candle close above the previous high of $3.40 might invalidate the bearish trends.
FAQ
What is AI in crypto?
Artificial Intelligence or AI in crypto can be a set of services offered by a chain or the technology adopted by the ecosystem itself. However, a more simplistic version would be the means of incentivization relevant to the decentralized ecosystems that make use of AI in any given capacity. AI cryptocurrencies, in simple terms, signify altcoins with some kind of AI exposure.
What are the best AI blockchains?
Fetch.ai, is the best AI blockchains. While Fetch.ai aims to create a decentralized economy.
How many AI cryptocurrencies are there?
FET, GRT, Cortex, Deepbrain and Hera Finance are some of the top AI coins. Some of these cryptos have surged by almost 190%, week-on-week in 2023, owing to the hype surrounding ChatGPT and the upcoming AI innovation Bard. However, if you plan on investing in any of the mentioned tokens, you need to DYOR even more in-depth than usual.
What crypto supports AI?
While there are over 100 cryptos with some kind of AI connection,FET, The native crypto of the Fetch.ai chain; and GRT, the native crypto of The Graph ecosystem. Each of these cryptocurrencies aims at incentivizing their AI-specific offerings, whereas The Graph makes it possible to deploy GRT for building AI-powered DApps via data querying.
Disclaimer – The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
