Artificial intelligence (AI) tokens are leading weekly gains for cryptocurrencies, with an average return of 37% over the past seven days, according to Artemis data.
The AI Token’s performance is more than double the market average of 15.9% over the same period. The move was driven primarily by Bittensor ( TAO ), which is up 86.2% over the past seven days.
Additionally, all 11 AI-related tokens tracked by Artemis saw double-digit gains, rising more than 20% over the same period. AI Super Alliance (ASI) and Render (RENDER) ranked second and third in terms of weekly returns, up 31% and 30.3%, respectively.
In the past 24 hours, AI Token has gained 10.5%, nearly three times the market average gain of 3.7% in the same period.
Data, RWA, and Gaming
Only nine of the 22 cryptocurrency sectors tracked by Artemis outperformed the market. Tokens related to data services and data availability, such as Celestia ( TIA ) and Dymension ( DYM ), saw weekly gains of 27.1% and 33.6%, respectively.
The Real World Assets (RWA) sector is actually correlated with gaming-related tokens as they have all gained around 22.5% over the past week, making them the top five performing crypto sectors on a weekly timeframe.
On a less positive note, native tokens of decentralized applications such as Uniswap (UNI) and Jupiter (JUP) are up 15% on a weekly basis, just 0.9% below the market average performance.
Despite being the best performing cryptocurrency in Q1, memecoin has failed to outperform the market average. Over the past seven days, memecoin has averaged an 11.1% gain, nearly 5% below the overall market average.
Liquidity concentration
Kaiko highlighted the disconnect between different altcoin sectors in a report on Sept. 23. Market depth for altcoins remained stable at $270 million in the third quarter, suggesting that market makers are still providing liquidity to these markets.
However, breaking down the assets, the 10 largest altcoins by market cap account for 60% of the total depth this month, up from 50% at the beginning of 2022.
Meanwhile, when evaluating the 20 largest altcoins by market cap, the depth dropped from 27% to 14% over the same period.
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