AI Tokens Outpace Cryptocurrency Market Growth Threefold

The market capitalization of AI-related tokens reached $27.9 billion, increasing by 11% in a single day. In contrast, the overall cryptocurrency market grew by only 2.9% to $2.45 trillion (CoinGecko).

The sector leaders, Fetch.ai (FET) and Render (RNDR), appreciated by 9.8% and 12.9% respectively over 24 hours. 

The weekly growth of these assets is even more impressive. RNDR’s value increased by over 50%, with a market supply of $4.48 billion. FET’s figure reached $5.9 billion, marking a 19% rise over seven days.

Only Bittensor (TAO) from the top 30 showed a slight decline of 1.4% during the period.

In March, CoinGecko experts noted a rise in AI-token prices by approximately 260% since the start of the year. Analysts attributed this to the excitement surrounding companies developing neural networks. Key triggers for the price movement included the launch of OpenAI’s Sora model in February and the surge in Nvidia’s stock.

At that time, TAO led the segment with a capitalization of around $4.4 billion. As of writing, this figure has decreased to $2.6 billion, a 36.4% drop over the past 30 days. 

The asset ceded its third position in the ranking to The Graph (GRT), whose price increased by 23.5% over the week.

Among other major tokens in the segment, Akash Network (AKT) showed the best daily performance with a 19% increase.

Bitcoin rose by 3.3% over 24 hours and is trading at $63,000, a level it returned to on May 4. The market capitalization of the leading cryptocurrency exceeds $1.24 trillion, accounting for 50.6% of the total market.

CoinGecko identified AI, along with GameFi and meme tokens, as the most popular sectors in the digital asset market by the end of 2023.