Weekly Crypto Digest: Artificial Intelligence coins in demand

The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. According to coinmarketcap.com, the total crypto market cap is currently $1,061 billion and now counts 22,490 crypto currencies.

Bitcoin’s market dominance has declined slightly and currently stands at 40.2%, while Bitcoin’s market cap currently stands at $438 billion. Ethereum’s (ETH) market dominance remained stable at 19%, while the number two coin’s market cap now stands at $200 billion.

Bitcoin eases toward $22,000

Bitcoin led the sharp rally that began in early January. In the process, the Bitcoin price tapped a provisional high of this at $24,255. For now, the advance has been stalled by the resistance zone of $25,000 and the BTC price has fallen toward $22,000.

The value of Alternative.me’s Fear & Greed Index has dropped slightly to 55 after last month’s sharp recovery, and the counter was still at 60 last week being the ‘Greed’ zone. So the market (expectation) is less high which can also be considered positive.

Articial Intelligence (AI) tokens are in huge interest among crypto investors, showing a huge growth in both price and search traffic. This is a signal that crypto traders are trying to take advantage of the trend in the field of AI and especially thanks to the emergence of ChatGPT.

Chat Generative Pre-trained Transformer, or ChatGPT, is a chatbot launched by OpenAI in November 2022. It was developed on top of OpenAI’s GPT-3 family of major language models.

Big tech companies are betting big on language models. Microsoft, for example, has reportedly invested $10 billion in the chatbot’s creator, OpenAI. This move has sparked an AI arms race among search engine companies looking to overhaul their technology.
The craze has not passed the big boys of Wall Street either: In a recent survey of institutional investors by investment bank JPMorgan, 53% of respondents said that artificial intelligence and machine learning will have the greatest impact on finance in the coming years.
According to data from Google trends, more people than ever are looking for ways to invest in AI technologies and especially through crypto projects. Google trends therefore shows a significant increase in searches for “AI crypto.”