Altcoins
Investing in AI-powered altcoins on a budget? These tokens can create a $1,000 portfolio
AI-powered altcoins are starting to gain momentum after recent developments in the artificial intelligence sector. The cryptocurrency bull run is just around the corner, and AI-powered altcoins are set to shine. Coins like Render (RNDR) have already grown so much that it’s impossible to think they can grow any further.
However, AI trends show that as AI-powered projects merge with crypto and blockchain, more value will be captured in the crypto space. Furthermore, AI is just one of the many narratives driving this market and is poised to tap into TradFi’s massive liquidity. Here are 3 AI-powered altcoins to build a $1,000 portfolio.
1. AI-powered Altcoins – Akash Network (AKT)
Akash Network is a decentralized cloud computing marketplace built using the Cosmos SDK and powered by the Cosmos IBC Hub. Besides AI, Akash has its roots in decentralized physical infrastructure networks (Of pine) and is also a Proof-of-Stake (PoS) network. This means that AKT holders can participate in the governance of the network using their tokens.
Coming back to the AI aspect of the network, Akash uses the power of artificial intelligence to create an AI hosting platform (GPU marketplace). Users can rent out their unused GPU resources to those who need them, who usually end up being AI developers.
AKT price is trading at $3.58, down 1.6% in the last 24 hours. With a market cap of $870 million, AKT is perhaps the cheapest version of Render Network, which is currently valued at $3 billion. AKT price action has just completed a double top and could be looking to start a new uptrend.
2. Rendering Network (RNDR)
Render Network is the largest AI-powered altcoin in the cryptocurrency market. Like Akash Network, Render connects artists, developers, and others in need of GPU power with those looking to rent theirs. Render is also one of the most efficient tools for rendering digital art.
Now, instead of spending thousands of dollars on expensive computers, artists, architects, and interior designers can leverage the rendering network to speed up rendering that would normally take days or even less than an hour. The AI blockchain project has partnered with Apple, which announced its plans in June 2023, and NVIDIA, the world’s leading maker of AI computer chips.
The RNDR token, which exists on the Ethereum blockchain, has seen a significant surge in price over the past year. The crypto asset hit an all-time high of $13.17 during the January-March mini-bull run before retracing. Nonetheless, the correction has been healthy and the asset is only about 50% down from its all-time high.
THE RNDR price The stock was trading at $6.59 at press time, up 2.2% in the last 24 hours. RNDR has also formed a double top pattern over the last 4 months, which could find support at around $4. This may represent a buying opportunity for investors.
3. AI-powered Altcoins – Bittensor (TAO)
Bittensor uses the same tokenomics and incentive structure as Bitcoin, using GPUs to power decentralized AI and challenge big tech. The network positions itself as the only truly viable project with a working system and strategic plan to compete with big tech companies. It is speculated that FET, OCEAN, and AGIX formed the
Artificial superintelligence alliance to rival Bittensor.
The TAO token offers staking at around 15% APR, allowing holders to buy, stake, and let their investment grow. Recently, the price of TAO took a hit due to a wallet exploit, prompting the network to enter safe mode.
TAO’s price dropped 16% after the hack was announced, dropping to $200. Bitcoin’s volatility didn’t help matters either. TAO’s price is on the rise again this week, trading at $265 during European business hours on Wednesday. That’s a 7.5% increase in the last 24 hours. Bittensor is expanding its subnets beyond the initial 32. Since each subnet has the potential to rival an entire AI company, TAO is effectively moving to offer every type of AI as a project on its network.
The TAO price chart shows support around $200, from which price action has bounced. However, the chart also appears to be forming a head and shoulders pattern, which is not typically bullish. This may cause prices to fall, potentially offering better prices to acquire this AI-powered altcoin before it rockets to the moon in the bull run.
Conclusion
AI-based altcoins are gaining traction following recent advancements in the artificial intelligence sector. Cryptocurrency bull run With these approaches, these tokens are poised to shine, capturing significant value by merging AI with blockchain technology. Among the promising AI-based altcoins, Akash Network (AKT), Render Network (RNDR), and Bittensor (TAO) stand out as viable options for building a $1,000 portfolio.
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Frequently Asked Questions (FAQ)
AI-based altcoins are cryptocurrencies that leverage artificial intelligence (AI) technologies in their development, operation, or underlying infrastructure.
While AI can improve security by detecting anomalies and mitigating risks, the security of AI-powered altcoins depends on the quality of the underlying technology and the measures implemented by the development team. As with any investment, it is important to research and understand the project thoroughly.
The future of AI-powered altcoins is bright as AI technology continues to advance. These altcoins have the potential to revolutionize various aspects of the cryptocurrency market, offering smarter, safer, and more efficient solutions.