Bitcoin breaks $75K ATH on Trump victory, spurring positive momentum across the crypto market.
TL;DR…
- Market Overview: Donald Trump is the 47th U.S. President, sparking positive momentum across the crypto market. Nearly all top 100 cryptos saw green in the last 24 hours, with Bitcoin hitting a high of $75,000.
- AI Market Highlights: AI tokens have surged, with 97% gaining in the last day. Notable winners include Virtuals Protocol and OriginTrail, while NetMind Token and Humans.ai are down. Bittensor ranks #2 in AI by market cap.
- SingularityDAO Merger: SingularityDAO, Cogito Finance and SelfKey merge into Singularity Finance, an EVM layer-2 for AI tokenization. SDAO, CGV and KEY will swap for the unified SFI token at preset ratios.
- Nansen Highlights DePIN Investments: Nansen identifies GPUfi and NodeFi as promising areas within DePIN, leveraging AI-driven demand for GPU power to offer yields through rentals and token emissions.
Donald Trump has been elected as the 47th President of the United States in a landslide victory over rival Vice President Kamala Harris.
The cryptocurrency market has seen significant positive momentum almost across the board.
Let’s see how this move has affected the industry as a whole before turning our focus to the AI sector.
Miss last week’s AI update? Check it out here.
Market Overview
As it stands, every cryptocurrency in the top 100 by market capitalization is in the green over the last 24 hours.
Source: CoinMarketCap Charts
The average cryptocurrency is up 1.6% over the last week.
Some brief highlights for the market as a whole include:
- Bitcoin (BTC) briefly topped $75,000 to reach a new all-time highest-ever value. It’s now up 2.2% in a week.
- Raydium (RAY) is currently the biggest winner among the top 100 largest cryptocurrencies, posting a 17.9% return in the last week.
- Ethereum (ETH) reclaimed the $2,600 level, though it's still down 1.6% for the week.
Bitcoin is now around $74,200 after reaching a peak of $75,361 earlier today.
AI Market Update
Zooming in on the AI sector, we find a similarly bullish story unfolding.
Of the 100 largest AI tokens, 97% are in the green over the last 24 hours. However, just 23% are trading green over the last week.
According to DefiLlama's narrative tracker, the AI sector is the sixth-best performing sector by market cap-weighted performance.
Source: DeFiLlama Narrative Tracker
The AI sector is currently being outperformed by the following sectors: prediction markets, meme coins, Solana ecosystem, Bitcoin ecosystem and analytics. That said, it’s outperforming 15 other sectors.
This week’s biggest winners currently include:
- Virtuals Protocol (VIRTUAL): gained 18.2%
- OriginTrail (TRAC): gained 16.4%
- Zero1 Labs (DEAI): gained 15%
- Artificial Super Intelligence (FET): gained 6.1%
This week’s biggest losers currently include:
- NetMind Token (NMT): lost 29.9%
- Humans.ai (HEART): lost 20.3%
- Commune AI (COMAI): lost 17.6%
- SingularityDAO (SDAO): lost 13.5%
Click here to keep tabs on your favorite AI & big data tokens.
Source: Big Data & AI Tokens Page
In terms of notable movements in the last 24 hours, Bittensor (TAO) has reclaimed the #2 spot by market capitalization after gaining 22.4% in the last 24 hours. Artificial Super Intelligence (FET) is now just inches from claiming the #3 spot currently occupied by Internet Computer (ICP) after posting a 19.3% 24-hour gain.
AI News Roundup
This week has seen an array of exciting developments in the AI space. We’ve covered a handful of the most significant stories to help you get up to speed.
SingularityDAO Community Approves Merger: SingularityDAO, Cogito Finance and SelfKey have merged to form Singularity Finance, an EVM layer-2 platform for tokenizing the AI economy. Their tokens, SDAO, CGV and KEY will convert into the unified SFI token at ratios of 1:8.0353, 1:1.0890, and 1:0.1, respectively.
Nansen Highlights NodeFi and GPUfi as Investment Areas: Nansen and MetaStreet's report highlights NodeFi and GPUfi as emerging investment opportunities within DePIN networks, driven by AI's increasing demand for computing power. These sectors offer potential yields through GPU rentals and token emissions.
0G Labs Node Sale Upcoming Whitelist Date: 0G Labs is launching its AI Alignment Node Sale, with the whitelist phase starting on Nov. 11, 2024, at noon UTC. Participants can purchase node licenses to operate AI Alignment Nodes, contributing to network security and earning rewards. Note that node sales have been historically poor investments.
OpenAI Introduces AI-Powered Search Tool: OpenAI is set to take on search giants like Google and Microsoft's Bing with a new feature that allows ChatGPT to search the web automatically. The tool is designed to allow users to find trustworthy information more easily using a conversational input system.
OpenAI Launches Hardware Unit: Artificial Intelligence software giant OpenAI has established a consumer hardware division led by Caitlin Kalinowski, formerly Meta's AR hardware lead. The division aims to integrate AI into physical products, focusing on robotics and consumer devices.
Alibaba Cuts Metaverse Plans to Focus on AI: According to a report from South China Morning Post, the Alibaba-owned newspaper, the Chinese e-commerce titan is downsizing its metaverse arm ‘Yuanjing’ as it turns its resources to AI development.
That's it for this week's AI roundup. Stay tuned for more updates next week!✌️
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