Sustained Week-Long Rally
Amid cautious sentiments echoing ahead of the U.S. Federal Reserve rate decision on Wednesday, AI-related crypto tokens continue to show strength in the market. Notably, major digital assets have remained relatively subdued during this period.
FET’s Impressive 15% Surge
Fetch.ai’s native cryptocurrency, FET, has made an impressive leap, surging 15% in the past 24 hours. As of 10:40 a.m., it is now trading at $0.62. Fetch.ai specializes in leveraging AI and machine learning to automate various business tasks, particularly in the domains of data processing and trading.
Over the last two weeks, a staggering amount of 26 million FET tokens have been withdrawn from exchanges. This significant reduction suggests that traders have recognized the long-term value proposition of holding this cryptocurrency.
Factors Fueling the AI Crypto Sector’s Rally
According to Sei Labs Co-Founder Jeff Fang, the recent rally in the AI crypto sector is the result of various factors. These factors include the rising public interest in artificial intelligence, remarkable technological advancements within the sector, and the continuous development of blockchain projects focused on AI applications.
RNDR’s Market Outperformance
Another notable AI-related crypto token that has outperformed the market is Render (RNDR). Render is a platform designed to facilitate access to computing power for artists engaged in rendering generative AI artwork. Over the past 24 hours, RNDR has gained over 3% and is now trading at $4.07. The native cryptocurrency operates on a proof-of-work consensus mechanism.
The Graph Protocol and GRT’s Rally
Joining the recent rally of AI-related tokens is The Graph protocol’s native token, GRT. It has demonstrated resilience in the market climate, posting notable gains.