Artificial intelligence (AI) tokens are leading weekly cryptocurrency gains, posting an average return of 37% over the past seven days, according to data from Artemis.
AI tokens’ performance is more than double the market’s average gain of 15.9% over the period. The move was led by Bittensor (TAO), which has climbed 86.2% over the past seven days.
Additionally, the 11 AI-related tokens tracked by Artemis posted double-digit gains, exceeding 20% over the same period. Artificial Superintelligence Alliance (ASI) and Render (RENDER) took second and third place in terms of weekly returns, with growth of 31% and 30.3%, respectively.
AI tokens are up 10.5% over the past 24 hours, nearly triple the market’s average gain of 3.7% over the same period.
Data, RWA and Games
Only 9 of the 22 crypto sectors tracked by Artemis outperformed the market’s average gains. Tokens tied to data services and data availability, such as Celestia (TIA) and Dymension (DYM), saw weekly gains of 27.1% and 33.6%, respectively.
The real-world assets (RWA) sector is almost on par with gaming-related tokens, as they both rose by around 22.5% last week, rounding out the top five performing crypto sectors over the weekly timeframe.
On the underperforming side, native tokens of decentralized applications, such as Uniswap (UNI) and Jupiter (JUP), saw a weekly gain of 15% and were only 0.9% behind the market average performance.
Despite being the best performing cryptocurrencies in the first quarter, memecoins failed to outperform the market average. Memecoins have seen an average increase of 11.1% over the past seven days, which is almost 5% lower than the total market average.
Concentrated liquidity
The disconnect between the different altcoin sectors was highlighted in a September 23 report from Kaiko. Altcoin market depth remained stable at $270 million in the third quarter, suggesting that market makers continue to provide liquidity to these markets.
However, breaking down by asset, the 10 altcoins with the largest market caps account for 60% of the total depth this month, up from 50% at the start of 2022.
At the same time, when evaluating the 20 largest altcoins by market capitalization, depth decreased from 27% to 14% over the same period.
Kaiko analysts suggested this could be related to market makers reducing risk in their portfolios and moving funds into more consolidated assets such as Bitcoin.
