Dramatic explosion in AI-related cryptos: Fetch and Singularity soared over 20% overnight!

FET, the utility token that powers Fetch.AI, a decentralized platform that provides the tools and infrastructure to build an AI-based digital economy, gained 25% overnight, changing hands at $0.54, according to CoinGecko.

Ranked 86th in terms of market capitalization, FET has seen explosive growth since the beginning of the year, gaining 106% on the week and more than 250% in the last 30 daysreaching levels not seen since January of last year.

AGIX, the native token powering a decentralized platform for the creation, distribution and monetization of SingularityNET AI services, has seen even more bullish price action since the beginning of the year, soaring 883% on the month.

AGIX then hit a 17-month high of $0.59 in the early hours of Tuesday before dropping to the current price of $0.54. This move still represents a 22% increase in value over the past 24 hours, according to CoinGecko.

SingularityNET, which runs on Ethereum and Cardano, has focused heavily on increasing interoperability between the two networks, launching a bridge to tokens last year, with further plans to introduce a staking portal for the native Cardano ADA token as early as Q1 2023.

Another token that took off during the day was OCEAN from Ocean Protocol.

Built on top of the Ethereum blockchain, Ocean Protocol aims to enable businesses and individuals to exchange and monetize data and data-driven services, particularly for AI, without compromising data privacy.

OCEAN up 157% in the month and is in up 24.3% on the daycurrently trading hands at $0.53, a level last seen in April 2022, according to CoinGecko data.

Bitcoin (BTC), meanwhile, is up 0.9 percent on the day, trading just above $23,000 at the time of writing. Ethereum has also gained a modest 0.7% over the past day, currently trading around $1,640.

AI craze hits crypto-currency

The impressive price performance of AI-related crypto tokens comes amid growing interest in the capabilities of artificial intelligence technologies, including reports last month that Microsoft has invested an additional $10 billion in OpenAI, the development studio behind the popular artificial intelligence tool ChatGPT.

The deal gives a boost to Azure, Microsoft’s cloud computing platform, which will remain the exclusive cloud provider for all of OpenAI’s research, API and product workloads.

Microsoft also plans to “deploy OpenAI’s models in its consumer and enterprise products and introduce new categories of digital experiences based on OpenAI technology,” the IT giant said in a blog post.

According to a recent JP Morgan report, more than half of institutional traders also believe that artificial intelligence and machine learning will be the most influential technologies in shaping the future of trading over the next three years – cited four times more often than blockchain and distributed ledger technology.