AI tokens lead weekly gains after Fed’s interest rate cut AI tokens lead weekly gains after Fed’s interest rate cut
AI tokens performed over double the market average performance in the past seven days, with Bittensor's TAO in the spotlight.
2 min read
Updated: Sep. 24, 2024 at 12:38 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Artificial intelligence (AI) tokens are leading the weekly gains in crypto, registering an average return of 37% over the past seven days, according to Artemisโ data.
The performance shown by AI tokens is more than double the marketโs 15.9% average gain over the period. The movement was primarily driven by Bittensor (TAO), which climbed 86.2% in the last seven days.
Additionally, the 11 AI-related tokens tracked by Artemisย registered double-digit gains, surpassing 20% in the same period. Artificial Superintelligence Alliance (ASI) and Render (RENDER) took the second and third spots in terms of weekly returns, growing 31% and 30.3%,ย respectively.
AI tokens have increased 10.5% over the past 24 hours, nearly triple the market’s average gain of 3.7%ย over the same period.
Data, RWA, and gaming
Just 9 out of the 22 crypto sectors tracked by Artemis overperformed the market average gains. Tokens related to data services and data availability, such as Celestia (TIA) and Dymension (DYM), registered weekly gains of 27.1% and 33.6% respectively.
The sector of real-world assets (RWA) is virtually tied with gaming-related tokens, as they both went up roughly 22.5% in the past week, wrapping up the five best-performing crypto areas in the weekly timeframe.
On the underperforming side, native tokens of decentralized applications, such as Uniswap (UNI) and Jupiter (JUP), registered a 15% weekly upside and were just 0.9% short of the market average performance.
Despite being the crypto narrative with the best performance during the first quarter, memecoins have failed to perform better than the marketโs average. Memecoins averaged an 11.1% gain over the last seven days, nearly 5% below the total market average.
Concentrated liquidity
The disconnect between different altcoin sectors was highlighted in a Sept. 23 report by Kaiko. The market depth of altcoins remained steady at $270 million in Q3, suggesting that market makers are still providing liquidity for these markets.
However, by breaking down the assets, the 10 altcoins with larger market caps account for 60% of the total depth this month, up from 50% in early 2022.
Meanwhile, when assessing the 20 largest altcoins by market cap, the depth declined from 27% to 14% in the same period.
Kaiko analysts suggested that this could be related to market makers reducing the risk in their portfolios and moving funds to more consolidated assets such as Bitcoin.
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
Latest Bitcoin Stories
Featured Story
Advertise Here
In this article
Bittensor is an open-source protocol that powers a decentralized, blockchain-based machine learning network.
Celestia
$4.97481
Celestia (TIA) is the first modular blockchain network that enables anyone to deploy their own blockchain with minimal overhead easily.
Dymension
$1.46387
Dymension standardizes rollups with IBC (Inter-Blockchain Communication Protocol), similar to how tokens were standardized with ERC.
Render
$7.22754
Rendertoken is a decentralized economy of 3D assets utilizing the global network of GPU devices through its cloud rendering technology.
Uniswap
$8.78737
Since its inception, the Uniswap Protocol (“Uniswap”) has served as a trustless and highly decentralized financial infrastructure.
Arkham
$1.98321
Arkham is a blockchain analysis platform that uses artificial intelligence (AI) to deanonymize the blockchain and on-chain data.
Kaiko
Kaiko is a market data provider in the blockchain-based digital assets space, founded in 2014, that provides institutional investors and market participants with enterprise-grade data infrastructure.
CoinGecko
CoinGecko is a cryptocurrency ranking website that provides 360-degree overview of the standing of digital currencies.