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Home»Market»AI, Data Services, and Staking Tokens Lead Market Recovery This Week
Market

AI, Data Services, and Staking Tokens Lead Market Recovery This Week

August 24, 2024No Comments
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Tokens related to staking services, artificial intelligence (AI), and data services have outperformed Bitcoin (BTC) and Ethereum (ETH) during the recent cryptocurrency market rally over the past seven days.

Artemis data shows that BTC and ETH have seen gains of 4.9% and 3.4%, respectively, over the past week.

At the same time, staking service tokens like LDO and RPL climbed 18.8% and 34.4% respectively, totaling a weighted average of 25.7% over the same period. This is almost double the average performance of 13.9% recorded by the entire crypto sector over the past week.

AI-related tokens are also supporting strong developments, reaching a weighted average of 23.8%.

Data service tokens such as ARKM, BTT and GRT also exceeded the 20% threshold, as their weekly weighted average growth reached 23.3%.

Additionally, other sectors that outperformed the average cryptocurrency market performance were social (14.7%), bridges (15.9%), oracles (16.3%), gaming (17.7%), Bitcoin ecosystem (18.6%), and native tokens of NFT applications (19.2%).

Underperform the market

Although it dominates nearly 12% of the crypto community’s opinion, data According to Kaito AI, memecoins have seen a weighted average growth of 13.4%.

A similar move was recorded by the native tokens of decentralized finance (DeFi) applications, which dominate 15.5% of X’s market share, but have performed below the market average over the past seven days, reaching 12.7%.

Additionally, Kaito AI highlighted that Decentralized Physical Infrastructure Networks (DePIN) tokens have become a growing topic of discussion in the cryptocurrency space, increasing fivefold among cryptocurrency investors’ discussions.

However, it remains below the average market performance, since the weighted average valuation of the sector reaches 10.4%.

First-generation blockchains, such as XRP, Bitcoin Cash (BCH), Dash (DASH), and Monero (XMR), have performed the worst over the past week. Nevertheless, they have managed to grow by an average of 5.9%.

Other sectors that showed recovery but failed to outperform the market average were real-world assets (8.6%), DEX native tokens (9.9%), centralized exchange tokens (9.9%), and smart contract platform native assets (10.4%).

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