Despite the industry’s excitement over the potential of AI and big data tokens, cryptocurrency values have fallen overall.
By 9:35 a.m. EST, Bitcoin was trading at $22,722, down 1.5% from the previous day, according to TradingView data.
Cardano’s ADA lost 2.8% and Binance’s BNB plummeted 3%. Sell-offs in dog-themed memecoins were more severe, with dogecoin falling 3.1% and shiba inu falling 5.2%.
structural goods
After reaching a high of $12.93 last week, Grayscale’s bitcoin trust, GBTC, has been trading down throughout the week. The Block statistics show that the fund’s discount to net asset value has increased to 43.5%, the largest difference since early January.
blockchain with big data and AI
On the heels of a newfound obsession with AI chatbots, artificial intelligence and big data tokens have lately surged, but the move has divided views. Fantom’s Lead Developer Andre Cronje claims that AI and blockchain aren’t complementary.
Eli Ndinga, director of research at 21Shares, said that the combination of machine learning and blockchain data might be a “killer use case.” He added that “blockchain data is a dark and complicated jungle with mechanisms that vary among ecosystems like Ethereum and Solana.”
The Graph (GRT), up 147% in 30 days, developed a worldwide API to index blockchain data across several ecosystems, allowing users to get information like token values on decentralized exchanges without having to download a full node, for example.
According to Ndinga, the tokenization of assets and additional use cases will rule the cryptocurrency market, giving blockchain infrastructure players like The Graph a crucial role in accessing blockchain data through methods like using AI to categorize wallets and identify patterns of particular wallets.