AI-related tokens outperform wider crypto market

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The Block2024/05/10 09:46

By:Brian McGleenon

Major AI-related tokens have rallied in the past 24 hours, outperforming the wider crypto market.

AI-related tokens outperform wider crypto market image 0

Major artificial intelligence-related tokens have rallied in the past 24 hours, with the native cryptocurrencies associated with SingularityNET and Fetch.ai FET +6.45% posting gains of over 6% and 5%, respectively. The latter, which utilizes AI and machine learning to automate business tasks, has seen a rally of over 15% over the past month.

According to CoinGecko data , the AI token market cap stands at $27.7 billion — an increase of over 10% in the past 24 hours. In contrast, today's global cryptocurrency market cap stands at $2.45 trillion — a 2.6% increase in the last 24 hours.

Only one AI-related token out of the top ten has experienced a slight retracement. All other offerings among the top ten AI tokens have rallied, including the native token of Render RNDR +9.99% , a decentralized platform that assists artists in accessing computing power for rendering generative AI artwork, which has gained over 7% in the past 24 hours.

Joining the daily rally of AI-related tokens is AIOZ +3.42% . Its price has gained 4% to now trade at $0.85 in the past day. AIOZ's price has increased by 30% in the past seven days.

Four AI tokens post double-digit 24-hour gains

Four cryptocurrencies in the AI-token top ten posted double-digit gains in the past day.

Akash Network ( AKT +17.39% ) recorded a 19% gain over the past 24 hours. The Graph ( GRT +16.18% ) saw a 14% increase. Golem ( GLM +12.78% ) and Arkham ( ARKM +13.17% ) both experienced a 10% gain over the same period.

In contrast, the price of bitcoin climbed precariously back above the $63,000 mark — increasing over 3% in the past 24 hours to trade at $63,009 at 5:22 a.m. ET, according to The Block's Price Page .

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The GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 2.79% to 131.92 in the past 24 hours.

Bitcoin dominance is at 50.6%, and ether dominance is at 14.9%, according to CoinGecko data.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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