ICP and FET Rise After Apple’s AI Announcement

Native cryptocurrencies from artificial intelligence (AI)-related blockchain startups have outpaced the crypto market after iPhone maker Apple (AAPL) announced efforts to bring the technology to its smartphones.

According to Coingecko, the ICP token from the AI-focused decentralized blockchain platform Internet Computer Protocol rose by 10% in the last 24 hours, making it the best-performing token among the top 100 cryptocurrencies by market cap. The Artificial Superintelligence Alliance’s (formerly Fetch.AI) FET came in fifth with a 5% increase. There were also some smaller tokens that made double-digit gains. ChartAI’s EYE token led the AI ​​tokens with a 50% increase.

Market leaders bitcoin (BTC), ether (ETH) and other altcoins fell after pro-crypto US presidential candidate Donald Trump’s poor performance during his debate with rival Kamala Harris, but are now recovering. The CoinDesk 20 Index (CD20) lost 0.7% in the same period.

Apple’s “It’s Glowtime” event on Monday focused on integrating artificial intelligence capabilities into smartphones. The Nasdaq-listed company said it will introduce a variety of AI features under the name Apple Intelligence, including writing tools, smarter Siri responses, and advanced photo and video editing capabilities. The features will be available starting with the iOS 18.1 update.

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The key feature of Apple Intelligence is that it is a software development kit (SDK) that allows developers to build applications using on-device generative models while enjoying the security and privacy features in Private Cloud Compute.

There was no mention of crypto or blockchain technology at the event, but market participants are confident that Apple Intelligence will have a positive impact on everything related to AI, including blockchain projects.

Graph Protocol engineer Pranav Maheshwari: “Soon it will be all about crypto. People will want to be able to make crypto payments with blockchain technology built into their phones. Watch the change. The change that starts slowly will happen suddenly.”