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Despite the recently hyped-up approval of the first spot Bitcoin (BTC) exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), many assets in the cryptocurrency market are still going through a slower phase.
The value of crypto assets linked to artificial intelligence (AI) surged to $7 billion at the beginning of the year. However, recent weeks have seen a reduction of $960 million in the overall worth of the AI crypto sector.
In 2023, the cryptocurrency market was dominated by three key narratives. These included artificial intelligence (AI), GameFi, and meme coins.
Analysts at Messari also have high hopes for SOL. The digital asset has recently made a resurgence after the FTX collapse, prompting massive selloffs of the token.
All of the top five AI tokens by market cap are up by an average of over 500% this year.
Bitcoin and ether still need to pump by about half to see their respective all-time highs. Not these cryptocurrencies.
Two AI-focused projects have recently garnered significant attention: Render Network (RNDR) and Bittensor (TAO). These projects, while distinct in their objectives and execution, are at the forefront of integrating artificial intelligence with blockchain technology.
Developments in key AI companies sometimes drive gains in AI-focused tokens as traders bet on the long-term growth of such tokens.
