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As industries grow, the arrival of artificial intelligence with blockchain technology has given birth to a fresh line of cryptocurrencies. These AI cryptocurrencies do not represent a bunch of digital resources but have the potential to revolutionize the domain of finance, cloud computing, data management, and logistics. So, if you want to lead this new lot of AI-based cryptocurrencies, here are the top 10 AI cryptocurrencies to buy in 2024:
Market Cap: ₹326.27 billion
Current Price: ₹846.25
Peak Price: ₹1,135 (March 2024)
Render has long been the leader in GPU computing, one of those technologies whereby insanely massive computing power is based on graphic processing units. Known for rendering graphics in different entertainment projects, though, the platform's offered services have been too much geared toward AI projects. The ARK believes this is an important development, as fulfilling AI's insatiable demand for computing requires tremendous resources, of which RNDR currently has a supply. With this in mind, the ARK believes that RNDR will continue to be a formidable contender in the AI cryptocurrency category. Hence, is one of the top 10 AI cryptocurrencies to buy in 2024.
Market Cap: INR 221.41 billion
Current Price: INR 23.29
Peak Price: INR 240.11 (February 2021)
The Graph is one of the top 10 AI cryptocurrencies to buy. It works more or less like how Google indexes and queries data on the web. It organizes blockchain data into "subgraphs" that are easier to access for effective developer implementation. GRT, its native token, has been tumbling since its peak in 2021, but its utility in the fast-growing blockchain space makes this token a valuable asset for investors focused on the future of decentralized data management.
Market Capitalization: INR 101.10 billion
Current Price: INR 78.69
Peak Price: INR 155.24 (January 2018)
SingularityNET is another top 10 AI cryptocurrencies to buy in 2024. As, it is a decentralized platform that allows developers to build, share, and monetize AI services. The platform has an internal marketplace that allows customers or users to surf the services and then pay for the acquired services via payment in their native token, AGIX. The unique selling point for SingularityNET is that it democratizes access to AI technology ensuring that developers can monetize their AI models without needing to create a full-stack application. Though AGIX is down from its 2018 peak, there is still potential within the AI services market.
Market Cap: INR 159.77 billion
Current Price: INR 188
Fetch.ai (FET) is another among the AI cryptocurrencies to look for. It is an artificial intelligence and machine learning platform that sits on the blockchain, automating the operations of a business such as data processing and trading. FET is the native currency used to pay for transactions on this network. One gathers that it is one AI cryptocurrency that has a lot of investor promises considering its current value is coming in less than the peaks of 2021, owing to an emphasis on automation and applications diversified across industries.
Market Cap: INR 44.53 billion
Current Price: INR 78
Ocean Protocol is based on Ethereum and offers exchange and monetization facilities for data- and service-based businesses. This is most beneficial for commercial enterprises and individuals willing to share data with researchers and startups but unwilling to lose the ability to control their use. OCEAN is the native token of the protocol and is hugely basic in those transactions. In that way, as value is added to data every passing day, Ocean Protocol will also increase in significance in safe, decentralized ways of data exchange, making the mere investment into it quite attractive.
Market Cap: INR 18.91 billion
Current Price: INR 260.61
Peak Price: INR 1,357.77, October 2021
iExec RLC is an AI blockchain that empowers users to monetize their computing power and access on-demand cloud computing resources. The native cryptocurrency of this platform is RLC, which is used to pay for the services available within it. iExec RLC, with its power to offer decentralized cloud computing solutions, remains one of the most sought-after cryptos in the AI and blockchain segment. Although the price is way below its peak, one must not discount the potential of a platform in a market as promising and fast-growing as cloud computing.
Market Cap: INR 14.02 billion
Current Price: INR 2,236.80
Peak Price: INR 14,071.03
NMR is the native cryptocurrency for Numerai, an AI-driven hedge fund using machine learning to invest in the global stock market. It makes it possible to conduct payments within the Numerai network and derives its value from the performance and adoption of the platform. Following a huge decline from its peak in 2017, NMR still presents an asset that stands out from others in the AI cryptocurrency space by dint of its integration into financial markets.
Market Cap: INR 9.29 billion
Current Price: INR 1.97
Peak Price: 58.96 INR (2021)
Kargo is a blockchain platform that uses AI to help solve one of the logistics sector's bigger problems: trust. It seeks to bring efficiency and transparency into logistics by providing credible data to the different players involved. While the native token, DKA, has seen its price significantly tumble from its all-time high, there's still potential for this cryptocurrency to make waves in the logistics industry with AI and blockchain integration.
Market Cap: 11,430 million rupees
Recent Market Price: 15.88
High Point: 117.71 Rupees (May 2021)
Phala Network is an AI-empowered blockchain platform focused on cloud computing with a special emphasis on privacy. It offers a decentralized alternative to traditional cloud services such as Amazon AWS or Google Cloud. PHA is the token that will be used to pay for cloud services within the platform. With growing concerns over data privacy, Phala Network's focus on secure and decentralized cloud computing creates huge potential in the AI cryptocurrency market.
Market Cap: ₹ INR 10
Recent Price: INR 15.88
Peak Price: INR 175.24
Covalent is a network that aggregates data points from across several blockchains, notably Ethereum, Polygon, and Avalanche. This multi-chain data allows developers to create applications that solve problems holding back sectors like finance and retail. Driving these activities is CQT, the native token to this network. The utility of CQT in such a structure of multi-chain data management is something else, being lower by far compared to the all-time high.
The importance of AI cryptocurrencies in today's market cannot be overemphasized. While industries are becoming ever more dependent on insights mined from data and automated processes, demand for AI-powered solutions is rocketing. AI cryptocurrencies will drive this change by enabling decentralized AI applications, accelerating innovation, and enabling additional functionality for legacy blockchain systems.
1. More Efficiency and Greater Automation: AI-based digital cryptocurrencies empower platforms to perform such tasks automatically, that is, data analysis, trading, decision-making, and the like, with improved efficiency. This type of automation diminishes costs while improving the accuracy of tasks, hence making AI cryptocurrencies valuable assets in business and investment.
2. Democratization of AI Access: Traditionally, the development of AI required a lot of resources; therefore, it was accessible only to large corporations. The AI cryptocurrencies are shifting this through their support of platforms that enable access to, development, and monetization of AI technologies by small developers and businesses. This democratization furthers innovation and broadens the reach for AI.
3. Secure Data Management: Most of the AI altcoins are used to power platforms securing data management by appealing for the immutability and transparency associated with blockchain. This is especially so because data is being turned into a crucial asset in the digital economy, and with that comes the compulsion for secure decentralized data solutions.
4. Investment Opportunities: With the increase in AI Cryptocurrencies comes more and more investment opportunities for those looking to capitalize on this growing relationship between the two AI and blockchain technologies. With both of these technologies surging further in adoption, the potential returns that AI cryptocurrencies have will keep them at the top of the watchlist for the most forward-thinking investors.
AI cryptocurrencies are nascent spaces and, therefore, thought, coupled with a good amount of research, goes a long way. Here is a brief outline of how to pick the right AI-based cryptocurrencies for a portfolio:
What to Look For: Have an idea of what exact real-world problem the AI cryptocurrency wants to solve Artificially. Stronger projects usually have clear, practical applications, say in task automation, enhancement, data privacy, and democratizing access to AI. Good use cases are those that show adequately described solutions to adoption problems and long-term success for projects.
What to Look For: Look into the team behind the project regarding their experience in AI, Blockchain, and the relative industry. Strong leadership and a clear track record of project success are good signs. Also, there are partnerships with enterprises or institutions that add to the picture of the potential project to grow credibility and strength.
What to Look For: Understand the underlying technology of the AI cryptocurrency. Is it innovative, offering a competitive advantage over other projects? Look for platforms that are scalable, secure, and can integrate with existing systems since these are important in the long run.
What to Look For: Assess demand for the project's services or products. High demand for AI-driven solutions such as automated trading, data management, or AI marketplaces can skyrocket the value of the associated cryptocurrency. Watch for market trends and the potential for growth in both AI and blockchain.
What to Look For: Analyze the price history to understand the volatility, growth patterns, and market sentiments towards the cryptocurrency. A reasonable stable or gently appreciating price, joined with a market cap of reasonable proportion, can be a tell of a healthy investment. Be wary of wild price swings or market manipulation
What to Look For: A strong, active community can prove to be a good sign of the project's viability. Look at the size of the community, engagement levels, and their interest in the project. An engaged community can prove to be quite useful in driving adoption, contributing to development, or even increasing the visibility of the project.
What to Look For: Tokenomics refers to the supply, distribution, and utility of the cryptocurrency. Study how tokens will be allocated, what their inflationary rate is, and what they are used for in the platform. Good tokenomics ensure that value is either maintained or increased with the growth of the cryptocurrency.
What to Look For: Focus on projects with long-term potential, not quick profits. Consider the project's roadmap, future developments, and its place in a growing AI and blockchain world. Long-term potential often equates with sustained growth and returns.
What to Look For: Do not put all investments in one AI cryptocurrency. Diversify across several promising projects to reduce risk and increase the chance of benefiting from overall AI growth in the cryptocurrency space.
The convergence of AI with blockchain has enormous potential. Each of these cryptos offers something at stake, like making decentralized AI services possible, automating business processes, and offering better privacy for data. The updating of AI with the integration of blockchain technology would induce these cryptocurrencies to become more valuable going forward maybe even in 2024.
