that GMAI
-2.41%
The index, which measures the market’s leading AI tokens, was one of the standout performers amid the broader market rally last week, rising more than 30% last week.
In comparison, the GM30 index, which measures the top 30 tokens by market cap, rose 9.8%. Meanwhile, BTC and ETH posted weekly gains of 7.5% and 11.5%, respectively.
The top three weighted assets in the GMAI index are FET, RENDER, and TAO. Of these, Bittensor’s native token TAO was the strongest performer, finishing the week up about 56%. Meanwhile, FET and RENDER were up about 20% and 14%, respectively.
Bittensor is a P2P network that monetizes the creation, sharing, and maintenance of machine learning (ML) data, and was previously covered in a research report by The Block Pro Research.
The recent resurgence of the “crypto x AI” narrative was likely fueled by the release of OpenAI’s o1 model on September 13th, followed by rumors that OpenAI had raised $6.5 billion in a $150 billion valuation on September 20th.
For context, the price of TAO has nearly doubled since ChatGPT o1 launched at the time of writing this article. At the same time, FET and RENDER are up 23% and 16% respectively over the same period.
This is an excerpt from The Block’s Data & Insights newsletter, where we dig into the numbers that make up the industry’s most thought-provoking trends.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.