Cryptocurrencies tied to the artificial intelligence (AI) sector are soaring even as the largest digital coins Bitcoin (BTC) and Ethereum (ETH) pullback following U.S. President Donald Trump’s inauguration.
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Some AI tokens such as AI16Z and AI Rig Complex’s ARC are up 30% in a day, while others such as GRIFFAIN and ZEREBRO have seen double-digit gains. The rally comes after President Trump announced $500 billion in private sector AI infrastructure investments.
Trump has also rescinded a previous presidential executive order on AI risks to consumers, rolling back efforts to regulate the fast-growing sector. Crypto AI tokens only emerged last October but have already grown into a multi-billion-dollar asset class.
Performing AI Tasks
AI crypto tokens are autonomous programs developed to perform specific tasks such as posting information to social media, providing market insights, and creating memecoins. The AI tokens are emerging as a bright spot as the rally in BTC and ETH stall.
Bitcoin is currently trading at $104,150, down from a record high above $109,000 reached on Jan. 20. Ethereum is also down and trading at $3,266 per token. Bitcoin has proven to be volatile in recent days as crypto investors look for direction from the Trump administration.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has risen 54.11% in the last 12 weeks.
