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Home»ETHEREUM NEWS»AI, data services, and staking tokens lead market recovery this week.
ETHEREUM NEWS

AI, data services, and staking tokens lead market recovery this week.

By Crypto FlexsAugust 24, 20242 Mins Read
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AI, data services, and staking tokens lead market recovery this week.
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Tokens related to staking services, artificial intelligence (AI), and data services have outperformed Bitcoin (BTC) and Ethereum (ETH) during the cryptocurrency market recovery over the past seven days.

Artemis data Over the past week, BTC and ETH have shown gains of 4.9% and 3.4% respectively.

Meanwhile, staking service tokens such as LDO and RPL rose by 18.8% and 34.4% respectively, recording a weighted average of 25.7% over the same period. This is almost double the average performance of 13.9% recorded by the entire cryptocurrency industry last week.

AI-related tokens also supported solid development, reaching a weighted average of 23.8%.

Data service tokens such as ARKM, BTT, and GRT also surpassed the 20% threshold with a weekly weighted average growth rate of 23.3%.

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

Poor market performance

Despite having nearly 12% of the cryptocurrency community mindshare, data According to Kaito AI, the weighted average growth rate of Mimecoin was 13.4%.

A similar trend was seen in the native tokens of decentralized finance (DeFi) applications. DeFi tokens accounted for 15.5% of X’s mindshare, but underperformed the market average, reaching 12.7% over the past seven days.

Plus Kaito AI Highlighted Decentralized Physical Infrastructure Network (DePIN) tokens are becoming a hot topic in the cryptocurrency markets, with their value increasing 5x in discussions among cryptocurrency investors.

However, it still falls short of the average market performance, as the sector’s weighted average valuation stands at 10.4%.

First-generation blockchains like XRP, Bitcoin Cash (BCH), Dash (DASH), and Monero (XMR) were the worst performers last week, despite growing by a weighted average of 5.9%.

Other sectors that recovered but failed to outperform the market average include 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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