Ethereum Altcoin That is Exploded 1,100% This 12 months Ignores Bitcoin and Crypto Pullback Amid Mounting Hype on AI

An Ethereum-based altcoin that’s been trending arduous this 12 months is trying previous Bitcoin’s (BTC) latest corrective transfer because the hype surrounding AI intensifies.

The blockchain-based markeplace for synthetic intelligence providers SingularityNET (AGIX) has rallied from $0.04 on January 1st to $0.48 at time of writing, representing a meteoric rise 1,100% in about two months.

AGIX can also be up 16% within the final seven days at the same time as Bitcoin retraced from round $23,500 to $22,491 over the identical timeframe.

AGIX’s stellar efficiency comes because the narrative concerning the improvement synthetic intelligence continues to dominate headlines.

Billionaire and tech mogul Elon Musk has reportedly reached out to AI researchers to debate the potential for creating a brand new lab that may discover the event of a brand new mission to rival the favored chatbot ChatGPT.

The information follows Microsoft’s $10 multibillion-dollar funding within the high-profile chatbot.

SingularityNET itself additionally launched a giant replace this 12 months.

The protocol’s improvement group stated they’re constructing an ecosystem of tasks that may enhance progress and token utilization within the areas of decentralized finance (DeFi), robotics, biotech, gaming, media and enterprise-level AI.

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Featured Picture: Shutterstock/Yuganov Konstantin