AI Hype Bleeds Into Cryptocurrencies

Digital generated image of bitcoin sign over glowing digital circuit board. Artificial intelligence (AI) crypto tokens are soaring in price this week, but price movements seem to be more of a crypto proxy to the AI bubble. The rally comes as a J.P Morgan report that says traders are turning their attention to AI and away from blockchain. "The rise in the price of AI-related cryptocurrencies can without a doubt be driven by real and tangible developments in the AI and blockchain industries," says Vasco Lopes, blockchain and artificial intelligence researcher at the NOVA school of technology near Lisbon, Portugal. "However, AI-related cryptocurrencies are also influenced by hype and investor sentiment, as the increased popularity of AI and AI-related products, such as the release of OpenAI's ChatGPT language model, generates excitement and interest in the AI sector." AI cryptos have reached a $4.27 billion market cap, up 56% from last week.