Altcoins had a major run this week with four top projects making gains from 20% and as high as 58%. Bittensor (TAO) led the pack with a 58% weekly increase. The spike came after more than doubling its daily trade volume in the last five days. Together with Bittensor, Artificial Superintelligence Alliance (FET), NEAR Protocol (NEAR), and Internet Computer (ICP) witnessed massive short-term gainers.
Bittensor (TAO), a decentralized AI training protocol, spurred the entire market rally. The token’s value surged 58% in a week. Many analysts believe the token’s spectacular move was entirely technical in nature, born from a multi-month accumulation range breakout.
NEAR Protocol (NEAR), a Layer 1 blockchain with an emphasis on scalability and developer experience, was the other star performer. NEAR Protocol (NEAR) was the biggest gainer in the past week, up 35%.
With the Artificial Superintelligence Alliance (FET) exploding, the overall positive sentiment of the altcoin market awakens. The Internet Computer (ICP) was another major factor in this market resurgence.
ArcGIS StoryMap AI and Layer 1 infrastructure projects are once again all the rage. Market participants are now starting to look beyond speculation and froth into tokens that facilitate some sort of utility. This shift suggests a maturing market.
