The market capitalization of AI-related tokens surged by 11%, reaching $27.9 billion, significantly outperforming the overall cryptocurrency market, which rose by 2.9% to $2.45 trillion.
Sector leaders Fetch.ai (FET) and Render (RNDR) saw 24-hour price increases of 9.8% and 12.9%, respectively. Over the past week, RNDR has surged by 50%, while FET has gained 19%. Bittensor (TAO) was the only token among the top 30 to show a slight decline of 1.4% during this period.
In March, AI token prices soared by an average of 260%. Analysts attribute this to growing excitement around companies involved in neural network development. Key catalysts for this price movement included the February launch of OpenAI’s Sora model and a sharp rise in Nvidia stock.
Despite the bullish sentiment, TAO’s value dropped by 36.4% over the past 30 days. Meanwhile, Bitcoin rose 3.3% and is currently trading at $63,000, a level it reclaimed on May 4.