AI Cryptos Surge, Are These Cryptos the Next Big Boom or Bust?

AI and big data tokens performed phenomenally well over the past 24 hours, as the collective capitalization for this category of cryptocurrencies rose by 14.85% during this period. Subsequently, AI tokens had a combined valuation of $18,594,821,423 at press time, according to data from CoinMarketCap.

Total market cap and trading volume for AI tokens (Source: CoinMarketCap)

The five largest AI tokens in terms of market cap led the charge, as their prices surged throughout the past day of trading. Internet Computer (ICP), Injective (INJ), Render (RNDR), The Graph (GRT), and Theta Network (THETA) all recorded impressive 24-hour gains.

ICP and INJ delivered the most impressive performances throughout the past 24 hours of trading. CoinMarketCap data indicated that ICP was changing hands at $6.49 after its price rose more than 14%. Meanwhile, INJ’s price stood at $31.73 after it registered a 30.44% increase in price.

Daily chart for INJ/USDT (Source: TradingView)

The latest increase in these altcoins’ prices also pushed their respective weekly performances deeper into the green zone. Subsequently, ICP was up +30.49% over the past 7 days. However, INJ’s dominance was also evident in the longer time frames, as its weekly gain was greater than 80%.

The next biggest gainer in the top 5 AI tokens list was RNDR. During the past day of trading, the altcoin managed to rise 13.64%. Similar to INJ and ICP, its 24-hour gain boosted the cryptocurrency’s weekly performance as well. As a result, RNDR was up 21.27% on the weekly timeframe.

GRT and THETA posted 10.08% and 6.11% daily gains, respectively. Both altcoins had been in the red zone on their weekly time frames, but their latest positive 24-hour performances were enough to elevate them out of the red zone on the longer time frame. Subsequently, GRT was up 5.05% over the past 7 days, while THETA’s performance during the same period stood at +1.77%.

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