Artificial intelligence sector-related crypto tokens managed to record a rise throughout the week, despite the cautious performance of the main crypto assets ahead of the Federal Reserve’s interest rate decision. Fetch, by leading the value increase of cryptocurrencies related to the latest developments in artificial intelligence technology, succeeded in pleasing its investors.
The Wind of Artificial Intelligence in the Crypto Market
The native cryptocurrency of Fetch ai, FET, saw a 7.54% increase in the last 24 hours, trading at $0.6480 at the time of writing. Fetch ai focuses on automating business tasks, including data processing and trade transactions, using artificial intelligence and machine learning.
According to data from blockchain data analysis firm CryptoQuant, FET’s central exchange reserves decreased at the end of November and throughout December. Over the past two weeks, more than 26 million FET tokens were withdrawn from exchanges.
This indicates that investors believe holding the crypto asset for the long term is valuable. The decrease in the supply of crypto assets positively affects the token price. Jeff Fang, Co-Founder of Sei Labs, stated the following in an interview regarding the artificial intelligence sector:
“The recent rise of the artificial intelligence crypto sector is influenced by various factors, including users’ increasing interest in artificial intelligence, technological advancements in the sector, and the ongoing development of AI-focused blockchain projects.”
Noteworthy Projects
Another crypto token related to the artificial intelligence sector that outperformed the crypto market was Render, a platform that helps artists access computational power to create productive AI art works. Its cryptocurrency, RNDR, is known for operating on a proof of work consensus mechanism. It gained over 8% in value in the past week and was trading at $4.11 at the time of writing.
The recent rally of tokens related to the artificial intelligence sector also included The Graph protocol’s native token GRT. The token price rose above $0.1661 in the last 24 hours but was trading at $0.1596 at the time of writing, attracting attention with a 20% increase over the past month. Both RNDR and GRT were among the tokens listed by Binance Japan at the end of November.
