AI-Related Tokens Rally, Fetch.ai and SingularityNET Post Significant Gains
Major AI-related tokens have experienced a surge in value in the last 24 hours. The native cryptocurrencies associated with SingularityNET and Fetch.ai have seen gains of over 9% and 11% respectively. Fetch.ai, which leverages AI and machine learning for automating business tasks, has witnessed an impressive rally of nearly 170% in the past month.
CoinGecko’s list of AI tokens reveals that only two out of the top ten ranked by market cap have experienced slight retracements. However, all other offerings in the top ten AI token sector have rallied. This includes RNDR, the native token of Render, a decentralized platform that enables artists to access computing power for rendering generative AI artwork. RNDR has gained over 4% in the past 24 hours.
AIOZ, the native token of AIOZ Network, has also joined the daily rally of AI-related tokens. Its price has increased by 7% in the past day and now trades at $0.83. AIOZ’s price has surged by a remarkable 338% in the past month.
A recent Coinbase Institutional report highlighted that many AI-related tokens could continue to be traded as a proxy for AI progress. This trend has been observed in recent months, further boosting the value of these tokens.
Bitcoin Volatility
The value of Bitcoin, the largest cryptocurrency by market cap, has increased by over 1% in the past 24 hours, reaching $63,559. The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has also experienced growth with a 3% increase to reach a value of 140.42.
According to CoinGecko data, Bitcoin dominance stands at 49.8% while ether dominance is at 15.6%.
Hot Take: AI Tokens Soar as Crypto Market Sees Growth
The recent rally in AI-related tokens, particularly SingularityNET and Fetch.ai, demonstrates the growing interest in this sector. As AI continues to advance and gain recognition for its potential applications, these tokens have become a popular investment choice. With significant gains in value and positive market sentiment, investors are eagerly embracing AI-related tokens as a proxy for AI progress.
Furthermore, Bitcoin’s volatility and the overall growth of the crypto market indicate a favorable environment for investors. As cryptocurrencies continue to gain mainstream acceptance and recognition, their value and market cap are likely to experience further growth.
Overall, the rise of AI-related tokens and the positive performance of Bitcoin reflect the increasing demand for innovative technologies and digital assets. Investors who capitalize on these trends stand to benefit from potential returns in both the AI and crypto sectors.
Sources:
SingularityNET,
CoinGecko’s list of AI tokens,
Coinbase Institutional Report,
CoinGecko.
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