In brief
- Crypto tokens tied to artificial intelligence are surging.
- Multiple AI token categories have gained 40% this week, led by VIRTUAL and AI16Z.
- The overall AI market cap is up to nearly $26 billion according to CoinGecko.
Crypto tokens with ties to artificial intelligence (AI) are making a resurgence as Bitcoin helps drive a broader crypto market resurgence, after recovering from a local low of $75,000 and topping $95,000 in recent days.
Multiple niche AI categories have jumped more than 40% in the last week, according to data from CoinGecko. That surge has been led by individual tokens like agent launchpad Virtuals Protocol’s VIRTUAL and AI agent protocol Eliza OS’s AI16Z token, which have jumped 123% and 89% to $1.43 and $0.298, respectively.
However, the pair remain well off their all-time highs of $5.07 and $2.47, representing drops of 71% and 87% from their peaks.
The resurgence has been propelled by other notable AI tokens as well, leading the entire AI Agent market cap—which includes infrastructure tokens and the AI-inspired meme coin Fartcoin—to double in the last three weeks, according to analytics platform Cookie.fun.
As recently as April 7, Cookie.fun recorded a total AI Agent market cap of around $4.5 billion, based on the value of more than 1,600 agents across all blockchains. After a slight gain in the last 24 hours, the number now stands at $9.06 billion.
That growth includes notable movements from research agent and crypto influencer AIXBT, an autonomous agent built on Virtuals Protocol which at one point was just shy of a $1 billion market cap. But even after an 73% gain this week, the token is still 82% off its January all-time high.
Blockchains with deep connections to AI, like Bittensor (TAO) and Near Protocol (NEAR) have also jumped more than 9% in the last week as well.
Why now? Aside from a broader market response that has thrust Bitcoin back above $95,000, there is no clear and obvious catalyst for crypto AI tokens at present time. But teams continue to develop in the space, including Virtuals Protocol, which recently unveiled its Genesis launch mechanism for fairer access to agent tokens.
Plus, crypto VCs are still throwing money at the sector as well. Last week, Fortune outlined Paradigm’s big bet on AI accelerator company Nous Research, which announced a $50 million fundraise at a reported $1 billion token valuation.
The broader artificial intelligence category is up 14% on the week according to CoinGecko, bringing its total market cap to just under $26 billion. Top crypto assets like Bitcoin and Ethereum have gained 4% and 7.6% comparatively
Edited by Andrew Hayward
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