AI-focused cryptocurrencies have outperformed the broader crypto market following Apple’s latest announcement about its AI ambitions. On Monday, Apple introduced “Apple Intelligence” during its “It’s Glowtime” event, signaling a significant push into artificial intelligence for its smartphones. This move appears to have positively impacted tokens linked to AI projects.
Apple’s AI Strategy Spurs Token Rally
Amidst a broader market downturn, AI-related tokens showed notable gains. The Internet Computer Protocol (ICP) token, associated with a blockchain platform focused on AI, saw a 10% rise in the past 24 hours, making it one of the top performers among the top 100 cryptocurrencies by market value, according to Coingecko. Similarly, the FET token from the Artificial Superintelligence Alliance (formerly Fetch.AI) climbed by 5%. Smaller AI-focused tokens also experienced significant increases, with ChartAI’s EYE leading with a 50% surge.
Broader Crypto Market Remains Pressured
In contrast, major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) faced losses. The CoinDesk 20 Index, a measure of the broader crypto market, fell by 0.7% as political and macroeconomic factors weighed on market sentiment. Notably, pro-crypto U.S. presidential candidate Donald Trump’s poor debate performance against Kamala Harris added to the market’s unease.
Apple’s AI Initiatives and Future Crypto Implications
During the “It’s Glowtime” event, Apple unveiled new AI features under “Apple Intelligence,” including enhanced writing tools, smarter Siri responses, and advanced photo and video editing capabilities. The introduction of a software development kit (SDK) for on-device generative models is expected to bolster privacy and security while offering developers new opportunities.
Although the event did not specifically address cryptocurrency or blockchain technology, the broader impact of Apple’s AI focus is anticipated to benefit related sectors, including blockchain. “Just as Apple Intelligence is creating a buzz, the integration of blockchain and crypto payments into smartphones seems like a natural next step,” said Pranav Maheshwari from the Graph Protocol on X.
