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- AI-based altcoins outperformed the market on Monday, with several major crypto assets standing out in the market.
- This development was likely backed by recent announcements from AI and tech giants in the US.
- These altcoins witnessed nearly double-digit or higher gains during the day.
AI-based altcoins are making waves in the crypto market, with significant gains backed by recent developments in the AI industry. Learn more about this trend and what it could mean for the future of crypto.
Updates in the AI Ecosystem Make Headlines
Tech giant NVIDIA announced the Large Language Model (LLM) DrEureka on May 3rd. This type of AI can generate text among other tasks. DrEureka automates code writing to train robot skills. In a demo, NVIDIA used DrEureka to train a robot dog to balance and walk on top of a ball in a simulation without any fine-tuning.
AI Altcoins Positively Diverge from the Market
As you may have noticed, the market is generally following a zigzag path. However, some tokens that diverged from the market are attracting attention. Six of the top 10 AI tokens in the industry achieved nearly double-digit or higher gains. AI altcoins such as Fetch.AI (FET), Render (RNDR), AIOZ Network (AIOZ), Ocean Protocol (OCEAN), and Arkham (ARKM) recorded increases of over 10% during the day. Looking at the last seven days, nearly all of the top ten AI tokens by market value achieved double-digit gains.
Conclusion
Announcements and statements related to artificial intelligence by tech giants likely fueled the gains of AI tokens. The market value of the category gained 10.7% on Monday, rising to $27.9 billion. As AI continues to evolve and integrate into various sectors, it’s likely that we’ll see more activity and growth in AI-based altcoins.
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