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The total market capitalization of artificial intelligence (AI)-focused cryptocurrencies reached approximately $29.5 billion on January 5. This marks a 6.3% increase over a 24-hour period.
Data from crypto market aggregator CoinGecko indicates a sector-wide rally as key tokens recorded double-digit percentage gains over the last week.
Key Details
Top Performers
Render (RENDER) emerged as the top gainer among the sector and the broader top 100 cryptocurrencies. According to a report by The Defiant, the token spiked as much as 34% on Monday before stabilizing. CoinGecko data shows RENDER is up 79.9% over the last seven days.
Virtuals Protocol (VIRTUAL) also recorded significant movement, surging 24% to the $1.10 mark on Monday. On a weekly basis, the token has registered a 67.5% increase.
Other notable weekly performers in the AI category include:
- Artificial Superintelligence Alliance (FET): +38.2%
- Story (IP): +33.0%
- Bittensor (TAO): +26.6%
- Golem (GLM): +22.7%
- The Graph (GRT): +19.9%
- Internet Computer (ICP): +16.7%
- NEAR Protocol (NEAR): +15.8%
Infrastructure and Compute Demand
Industry observers attribute the movement in infrastructure tokens to the increasing requirements for computing power.
Trevor Harries-Jones, a board member at the Render Network Foundation, stated that access to computing resources is a growing challenge as AI usage expands into everyday applications.
“That’s pushing more attention toward alternative models for sourcing GPUs and compute,” Harries-Jones told The Defiant:
“In that context, decentralized networks are part of a wider conversation about how AI infrastructure gets built and distributed going forward”.
Market Drivers
Maja Vujinovic, CEO of FG Nexus, noted a distinction between the drivers for different tokens. While tokens like RENDER respond to demand for decentralized GPU infrastructure, other assets such as VIRTUAL are moving based on market sentiment regarding autonomous agents.
“VIRTUAL is rising on anticipation of upcoming AI-agent marketplace launches and renewed interest in autonomous on-chain agents that can transact and generate revenue independently.”
Trading volume for the AI category tracked by CoinGecko reached approximately $3.3 billion over the last 24 hours.
This article is published on BitPinas: AI Crypto Sector Market Cap Hits $29.5 Billion; Render and Virtuals Protocol Lead Weekly Gains
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