- AI tokens have surged, boosting the AI token market cap to around $28.1 billion.
Despite gains in select altcoins, the altcoin season index remains at 33%, suggesting a full-scale altcoin rally is unlikely in the immediate future.
As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I must say that this week presents an intriguing mix of opportunities and uncertainties. The surge in AI tokens, particularly Internet Computer (ICP), Artificial Superintelligence Alliance [FET], and Injective [INJ], has indeed caught my attention. Their collective market capitalization of around $28.1 billion is a clear testament to the growing interest in artificial intelligence within the crypto community.
Over the last seven days, the cryptocurrency market has seen a surge, pushing Bitcoin‘s [BTC] value back up to around $60,000.
The strong upward trend in the market has resulted in substantial increases for numerous alternative cryptocurrencies, notably within the Artificial Intelligence (AI) coin category.
These advancements are leading to conversations about the potential surge of altcoins in the upcoming crypto week.
AI tokens lead the charge in the crypto week ahead
Examining the growth trend in the total value of AI-related cryptocurrencies suggests a promising outlook for the upcoming crypto week, with optimism in the air.
Over the past week, digital assets like Internet Computer (ICP), the Artificial Superintelligence Alliance [FET], and Injective [INJ] have experienced significant growth.
At present, the total value of AI-related tokens is roughly around 28.1 billion dollars, indicating a noticeable upward trend in the market.
If these digital assets keep up their present pace, it’s possible that we might witness additional growth in total market value within the upcoming crypto week.
Yet, it’s unclear if this alone will spark the eagerly awaited surge in the altcoin market.
Is an altcoin rally on the horizon?
Over the last three months, various alternative cryptocurrencies have experienced substantial price increases. Specifically, Bittensor’s TAO token soared by 87.1%, and Sui’s SUI token climbed up by 75.7%.
Moreover, Aave [AAVE] gained 72.4%, while Ripple [XRP] was up by 19.6%.
These impressive gains suggest that these altcoins could continue their positive trends in the crypto week ahead.
Despite these encouraging signs, an altcoin rally may still be unlikely in the immediate future.
Based on information from Blockchain Center, the Altcoin Season Index currently stands at 33%. An altcoin season is only declared when at least 75% of the top 50 cryptocurrencies have surpassed Bitcoin’s performance over the past 90 days.
At present, I’ve observed roughly 16 entities exhibiting favorable progress over the last 90 days, as previously cited.
As a researcher, I’m observing that certain altcoins appear to be thriving individually, but the overall crypto market might still be hesitant to fully embrace an imminent altcoin rally in the coming cryptocurrency week.
Conclusion
Upcoming weeks in the cryptocurrency market could see further expansion for AI-related tokens and chosen alternative coins. Nevertheless, market signals indicate that a full-scale altcoin surge might still be delayed.
It would be wise for investors to closely monitor market movements and thoroughly research their options before making any investment choices over the upcoming week.
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2024-09-25 05:12