Bitcoin surged past $70K, while AI tokens lagged behind, with most in the red despite crypto market growth.
TL;DR…
- Market Surge: Bitcoin’s back near all-time highs; altcoins see gains but AI tokens struggle to catch the same momentum.
- AI Tokens Lag: Most AI tokens remain in the red despite the crypto market's growth, barring a few standout smaller tokens.
- AI News Hits: Big updates this week include OpenAI’s upcoming model launch, Coinbase's agent tool, and Meta's AI search ambitions.
- Fetch AI Upgrade: Fetch.ai integrates with CUDOS, boosting cross-chain potential through Injective’s partnership, and expanding its decentralized AI capabilities.
Bitcoin is ripping through previous resistance levels and the altcoin sector is returning to life, but AI tokens haven’t gotten the message.
Find out what’s hot and what’s not in the sector in this week’s AI recap.
If you missed last week’s update, check it out here.
Market Recap
The last week has been a satisfying ride for many cryptocurrency holders, with the vast majority of the top 30 cryptocurrencies in the green over the last seven days.
This growth has been catalyzed by the dramatic expansion of Bitcoin (BTC). In the last seven days, the OG cryptocurrency is up 8.8% and briefly smashed through the $73,000 barrier.
At its current price point of around $72,200, Bitcoin now sits just 1.9% away from its all-time highest value of $73,750 achieved back in March.
However, if we consider inflation-adjusted values, its all-time highest value was $76,704, achieved in November 2021. Bitcoin would need to gain a further 6.2% to match this figure.
Source: Bureau of Labor Statistics CPI Inflation Calculator
Overall, the total market capitalization of all cryptocurrencies is up from $2.43 trillion to $2.55 trillion over the past seven days, representing an average gain of 4.9%.
However, much of this growth is attributed to the performance of Bitcoin, which saw its dominance climb to 58.7% in the last week.
Bitcoin is currently up 14.1% in October. Though this figure sounds bullish, it's less than the median October return over the last 11 years, which stands at 21.2%.
Though the reasons behind this recent growth are numerous, strong demand among Bitcoin ETFs is certainly a contributing factor. The last week has seen a large influx in ETF demand, with the Bitcoin spot ETFs adding $827 million in the last day alone.
Source: Bitcoin ETF Tracker Page
AI Market Performance
Bitcoin isn’t the only cryptocurrency putting on an impressive performance recently.
The altcoin segment is seeing early signs of life, with a small number of particularly strong coins showing significant growth.
Unfortunately, this hasn’t trickled down to the AI sector yet. The vast majority of AI coins are still in a downtrend and the sector as a whole is underperforming relative to BTC and other trending sectors.
Source: Top AI & Big Data Tokens Page
As it stands, just two of the top 10 largest AI tokens were in the green over the last week: Akash Network (AKT) and AIOZ Network (AIOZ). Meanwhile, AI token bellwether assets Bittensor (TAO) and Artificial Super Intelligence (FET) have struggled to maintain earlier momentum and are down 3.9% and 2.7% respectively.
That said, some of the smaller AI tokens are faring far better. These include Humans.ai (HEART) which, continuing weeks of growth, added 28.1% this week, as well as Nosana (NOS) which tacked on an impressive 64.4% this week.
Source: Top AI & Big Data Tokens Page
The size of the AI token sector fell from $34.2 billion to $33.4 billion in the last week, representing an average loss of 2.3% across the board.
Meanwhile, despite an impressive start to the month, AI meme coins like Goatseus Maximus (GOAT) and Shegen (SHEGEN) have struggled recently.
GOAT has now fallen out of the top 100 largest cryptocurrencies by market capitalization, while. SHEGEN is one of the biggest losers on Solana this week—down more than 50% in a week despite being previously considered a beta to GOAT.
AI News Roundup
As you might expect from one of the most actively developed sectors, there’s a range of important news stories and updates to catch up on.
Some of this week’s biggest stories include:
OpenAI To Launch New Model in December:
AI research firm, OpenAI, is reportedly slated to release its next AI model in December. The new model may be based on GPT-5 and will feature enhanced reasoning and multi-modal capabilities.
Coinbase Launches 'Based Agent' On-Chain Agent Framework:
The AI tool allows users to create crypto-handling agents in under three minutes. Integrating with smart contracts, these agents can trade, stake, and perform on-chain actions on the Base blockchain with minimal setup requirements.
Apple Intelligence Launches and Underwhelms:
Apple's new "Intelligence" suite has received an underwhelming response among testers thanks to modest AI updates like Siri improvements, photo editing tools, transcription, and privacy-focused enhancements, ultimately falling short of transformative expectations.
Meta is Building an AI-Powered Google Search Competitor:
Meta is reportedly developing an AI-powered search engine to compete with Google and Bing, aiming to provide conversational, context-driven answers on current topics. This tool leverages Meta's web crawling and AI technology for more responsive search experiences.
Fetch AI Completes Network Upgrade:
Fetch.ai has completed a significant mainnet upgrade, fully integrating with CUDOS and improving interoperability. Additionally, a new partnership with Injective enhances cross-chain asset transfer capabilities.
And that’s a wrap for this week’s AI update. Check back next week for the latest on all things crypto AI.
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