AI tokens dominate crypto market recovery this week

By

Alejandro Gil

-

September 24, 2024

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The return of investment capital to the cryptocurrency sector continues since the announcement of the rate cut in the US. This recovery race is dominated by artificial intelligence (AI) tokens, which show outstanding returns. Among these, Bittensor (TAO) stands out with an 80% return in that period.

Overall, this market has achieved a performance of +31.8% in the last 7 days, according to data from Artemis. This is a figure that doubles the average of the crypto sector, which shows a +14.3% in the same time frame. This is an important advance for this submarket that continues to attract investors.

As AI becomes more prominent in the financial world, AI-related tokens are also gaining traction. To get an idea of ​​the rapid growth of the sector, it is enough to look at the fact that its market capitalization is approaching that of the memecoin sector. Although the latter is still larger, the gap is narrowing.

As such, the market cap of AI tokens is currently at $37.51 billion. Meanwhile, that of memecoins is at $43.62 billion. The extent to which AI tokens are dominating the crypto market rally this week has been instrumental in closing the gap.

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AI tokens maintain their lead within a month

The performance superiority of AI tokens over the rest of the market is not limited to the one-week chart. Within the 30-day time frame, the dominance remains, although much more modest. According to the same data portal, in the last month ending this September 24, AI tokens show a performance of +9.6%.

In parallel, the crypto market in general projects a -0.8%. These red numbers are mainly related to the poor performance of several sectors of decentralized finance and NFT. In any case, the alternative for investors seems to be reflected in the coins linked to bot technology.

Back to the one-week time frame, the data center and staking sectors are the best performers after AI tokens. Close behind are the real-world asset and gaming sectors. As can be seen, capitals seem to be significantly distancing themselves from crypto options such as exchange tokens.

As for meme coins on the weekly timeframe, their performance is below the market average at +11.4%. As already mentioned, tokens such as Bittensor’s TAO are leading this push in the AI ​​sector. In the top 20 of these tokens, 17 exceed double-digit positive performance.