AI-Based Crypto Capitalization Has Dropped Rp. 16.4 Trillion, Why?

AI-Based Crypto Capitalization Has Dropped

In early 2023 the rise of products that incorporate artificial intelligence or Artificial Intelligence (AI) saw a significant increase and this entered the crypto industry .

Reporting from Bitcoin.com, Monday (29/5/2023), the trend of AI is permeating the scope of cryptocurrencies, generating up to 74 AI-centric tokens with a total overall market capitalization of USD 4.03 billion or equivalent to IDR 60.2 trillion ( assuming an exchange rate of IDR 14,955 per US dollar) at the end of February 2023.

At its peak, the AI-based crypto market recorded a 24-hour trading volume of USD 444.39 million or the equivalent of IDR 6.6 trillion on 27 February 2023.

Currently, the trading volume and market valuation within the AI crypto sector has decreased significantly. Data from the cryptostate reveals a total of 89 ktipyo assets related to AI are currently worth USD 2.93 billion or equivalent to IDR 43.8 trillion.

Overall, the market capitalization of AI-based cryptocurrencies has lost around USD 1.1 billion in value in the last 90 days.

The largest AI cryptocurrency by market cap, chart (GRT Coin), lost 12.27 percent. Singularitynet (AGIX), ranking second in terms of market capitalization among crypto AI, lost 8.25 percent against the US dollar during this period.

Additionally, the OCEAN protocol saw a 3.66 percent decline against the US dollar, while FET suffered the most significant loss among the top five AI currencies in the past month, dropping 22.84 percent.

Meanwhile, iexec rlc (RLC), the fifth largest AI coin by market cap, has lost a minimum of only 0.05 percent in the last 30 days.

Space Pepes Sets Record for Best-Selling Bitcoin NFT Collection

The Space Pepes NFT took the crypto world by storm with an unprecedented USD 7.4 million worth of transactions on the Bitcoin blockchain.

Space Pepes is a multi-chain NFT initiative that will score 100 unique NFTs on each of ten different blockchains. Unexpectedly, the largest collection of NFTs in terms of weekly volume turned out to be Bitcoin based companies.

In just seven days, the Space Pepes NFT initiative has generated transactions of around USD 7.4 million, surpassing well-known projects such as the Bored Ape Yacht Club. This change is especially impressive considering the previous discontinuation of NFTs on Bitcoin including Space Pepes.

Launching the Cryptopolitan page, Sunday (28/5/2023), historically successful NFTs prefer Ethereum as their blockchain of choice.

Nevertheless, Ethereum's hegemony could soon be challenged if the surge of Bitcoin Ordinals continues. This is because Bitcoin has been around for a while and has a higher market value.

According to an earlier analysis from CryptoSlam, the Bitcoin blockchain recorded the second-highest NFT volume in the previous week at USD 35.8 million.

Bitcoin's emergence as the dominant player in this space as the NFT environment continues to change, signals the potential for seismic upheaval in the blockchain ecosystem. The surge has been supported by Bitcoin Ordinals especially Space Pepes.

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