AI Market Update: The AI Sector Continues to Outperform the Broader Cryptocurrency Market

Let's see how this move has affected the industry as a whole before turning our focus to the AI sector.

The average cryptocurrency is up 1.6% over the last week, with some coins posting triple-digit gains.

Bitcoin is now around $74,200 after reaching a peak of $75,361 earlier today. This marks a roughly 10% increase for BTC over the last seven days.

Meanwhile, the broader cryptocurrency market has added about $30 billion to its total capitalization, which now stands at $3.02 trillion.

AI Market Update

Zooming in on the AI sector, we find a similarly bullish story unfolding.

According to DefiLlama's narrative tracker, the AI sector is the sixth-best performing sector by market cap-weighted performance. This marks a continuation of last week's trend, which saw the AI sector lead the market.

This week’s biggest winners currently include:

Data Network (DATA) is up 101% this week.

SingularityNET (AGIX) has gained 76%.

Numerai (NMR) is up 66%.

This week’s biggest losers currently include:

Alethea Artificial Liquid Intelligence (ALI) is down 26% this week.

Phala Network (PHA) has lost 19%.

ChainLink (LINK) is down 14%.

Click here to keep tabs on your favorite AI & big data tokens.

In terms of notable movements in the last 24 hours, Bittensor (TAO) has reclaimed the #2 spot by market capitalization after gaining 22.4% in the last 24 hours. Artificial Super Intelligence (FET) is now just inches from claiming the #3 spot currently occupied by Internet Computer (ICP) after posting a 19.3% 24-hour gain.

AI News Roundup

This week has seen an array of exciting developments in the AI space. We’ve covered a handful of the most significant stories to help you get up to speed.

Seven AI startups have joined forces to create a new Web3 data collective.

Artificial intelligence firm Cohere has raised $125 million in Series B funding.

AI startup Stability Diffusion has launched a new text-to-video generative AI model.

That's it for this week's AI roundup. Stay tuned for more updates next week!✌️

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