AI-related tokens post gains as wider crypto market remains volatile
Quick Take
- Despite a downturn in the wider cryptocurrency market in the same period, major AI-related tokens have rallied in the past 24 hours.
Major AI-related tokens have rallied in the past 24 hours, with the native cryptocurrencies associated with SingularityNET and Fetch.ai 
FET
-0.69%
posting gains of over 9% and 11% respectively.
Fetch.ai, which utilizes AI and machine learning to automate business tasks, has seen a rally of almost 170% over the past month.
Only two AI-related tokens out of the top ten ranked by market cap have experienced slight retracements, according to CoinGecko's list of AI tokens.
All other offerings in the top ten AI token sector have rallied, including cryptocurrencies like 
RNDR
+3.10%
, the native token of Render. Render is a decentralized platform that assists artists in accessing computing power for rendering generative AI artwork, and it has gained over 4% in the past 24 hours.
Joining the daily rally of AI-related tokens is AIOZ, the native token of AIOZ Network. Its price has gained 7% in the past day to now trade at $0.83. AIOZs price has increased by 338% in the past month.
Earlier this month, a Coinbase Institutional report noted that many "AI-related tokens could continue to be traded as a more general proxy for AI progress” — a trend that has been observed in recent months.
Bitcoin sees volatility
The price of bitcoin climbed back above the $63,000 mark during early-day trading on Wednesday, after a volatile 24 hours that saw the digital asset's price drop to a recent low of $69,913.
RELATED INDICES
The value of the largest cryptocurrency by market cap increased over 1% in the past 24 hours, trading at $63,559 at 7:48 a.m. ET, according to The Block's Price Page.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 3% to 140.42 in the past 24 hours.
Bitcoin dominance is at 49.8% and ether dominance is at 15.6%, according to CoinGecko data.
The price of bitcoin increased over 1% in the past 24 hours. Image: The Block.
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