AI Tokens Lead Crypto Market Gains As Institutional Investors Bet Big On The Technology
Ever since the launch and popularity of Open AI’s ChatGPT, AI tokens have been doing incredibly well in the market. This performance has continued despite the crypto market pullback with AI tokens remaining green in a sea of red. Nevertheless, this performance may just be beginning as institutional investors are throwing their hats in the ring with Artificial Intelligence technology.
Institutional Investors Bet Big On AI Technology
A recent JP Morgan survey has revealed that institutional investors are going big on AI technology. The survey which featured 835 institutional traders in six total global markets showed a very clear interest from large investors when it comes to AI.
Institutional investor sentiment toward AI has now increased drastically from the 25% of investors who previously revealed they were investing in the technology, to 53% of all institutional investors, according to JP Morgan’s latest survey. Alongside growing interest in AI was also growing interested in machine learning technology.
Other technologies which saw interest from institutional investors were AI integration, as well as blockchain and distributed ledger technology. Both of these saw 14% and 12% of the respondents saying that they were invested in them. But interestingly, the number of investors who were not interested in trading cryptocurrencies was quite high, despite the obvious interest in blockchain technology.
Apparently, only 8% of these investors were actually trading cryptocurrencies. A whopping 72% of traders said that they “have no plans to trade crypto/ digital coin,” while 14% of respondents said they plan to start trading in the next year but are currently not involved.
AI Tokens Win Big In Crypto Market
Over the last few weeks, AI tokens such as FET and AGIX have already been gaining ground. These digital assets have rallied more than 100% each, going from relative obscurity to being some of the best-performing tokens in the space.
AGIX from SingularityNET is currently the top gainer on the data aggregator website Coinmarketcap after climbing more than 28% in the last 24 hours alone. GRT from The Graph is following right behind at second place with gains of 12% in the same time period. Other notable AI tokens including FET, NMR, and ALI are all seeing double-digit gains in the last day.
AI tokens top gainers list | Source: Coinmarketcap
Looking at AI tokens on Coinmarketcap on a 7-day rolling basis, the majority of the coins are still in the green, some even seeing double-digit growth during this time. Despite their already impressive growth, the AI tokens are showing no signs of slowing down and the backing from institutional investors at this time will only help to propel the space forward.
AGIX price continues to show bullish tendencies | Source: AGIXUSD on TradingView.com