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Major AI-related Tokens Rally Amid Volatile Crypto Market

TL;DR

  • AI-related tokens surge despite broader crypto market downturn.
  • Fetch.ai and SingularityNET tokens lead AI token rally.
  • AIOZ Network’s token sees an impressive 338% month-long gain.

In a period of turbulence within the broader cryptocurrency market, major AI-related tokens have surged significantly over the past 24 hours, showcasing resilience amidst market fluctuations.

Despite a downturn in the wider cryptocurrency market, major AI-related tokens have surged in the past 24 hours, with notable gains observed in the native cryptocurrencies associated with SingularityNET and Fetch.ai. Fetch.ai’s native token (FET) has seen an impressive increase of over 11%, while SingularityNET’s token has surged by more than 9%.

Fetch.ai sees remarkable month-long rally

Fetch.ai, renowned for its utilization of AI and machine learning to automate business tasks, has particularly stood out with a remarkable rally of almost 170% over the past month. This surge underscores the growing interest and confidence in AI-driven technologies within the cryptocurrency sphere.

Among the top ten AI-related tokens by market capitalization, the majority have experienced notable gains, signaling a widespread positive momentum in the sector. Tokens like RNDR, associated with Render, a decentralized platform aiding artists in rendering generative AI artwork, have surged by over 4% in the past 24 hours.

AIOZ network joins daily rally

AIOZ, the native token of AIOZ Network, has also joined the daily rally of AI-related tokens, witnessing a 7% price increase in the past day, reaching a trading value of $0.83. Notably, AIOZ’s price has soared by an impressive 338% in the past month, reflecting growing investor confidence in the project’s potential.

A recent Coinbase Institutional report highlighted the trend of AI-related tokens being traded as a broader proxy for advancements in artificial intelligence. This trend underscores the increasing recognition of AI’s transformative potential across various sectors, driving investment interest in related cryptocurrency projects.

Bitcoin regains momentum amidst volatility

In the face of recent market volatility, Bitcoin has exhibited resilience, climbing back above the $63,000 mark during early-day trading. Despite experiencing fluctuations, the digital asset has shown a steady upward trajectory, trading at $63,559 at 7:48 a.m. ET.

The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has demonstrated positive growth, increasing by 3% to 140.42 in the past 24 hours. This upward movement underscores the overall resilience and potential for growth within the cryptocurrency market.

Dominance figures for Bitcoin and ether

Bitcoin dominance currently stands at 49.8%, with ether dominance at 15.6%, according to CoinGecko data. These figures indicate Bitcoin’s continued prominence within the cryptocurrency market, albeit with increasing competition from alternative digital assets like ether.

Amidst ongoing volatility in the wider cryptocurrency market, major AI-related tokens have showcased significant gains, reflecting growing investor confidence in the potential of artificial intelligence technologies. While Bitcoin remains a dominant force, the positive momentum observed across various cryptocurrency projects underscores the dynamic nature of the digital asset landscape. As investors continue to navigate market fluctuations, the intersection of AI and cryptocurrency presents promising opportunities for innovation and growth.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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John Palmer

John Palmer is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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