How the Best AI Tokens Are Responding to the Recent BTC Rally

Author

Droom Droom
May 10, 2023

Bitcoin (BTC) recently experienced a price rally from $19,669 to $28,330 between March 10 and 20, 2023 📈. Top AI tokens, such as GRT, AGIX, RNDR, ROSE, and FET, also responded positively, with most recording over a 40% gain 🚀. RNDR had the highest increase at 57%, while ROSE saw the least at 19% 📊. These tokens contribute significantly to the $5.4 billion market cap of AI tokens 💰.

AI tokens have been gaining attention since the release of ChatGPT, an AI chatbot from OpenAI, in November 2022 🤖. The growing adoption of AI in various sectors has contributed to the increased value of AI tokens 💹. FET, for example, rallied by 95% within the first 30 days of ChatGPT’s introduction 📈.

The recent BTC surge is partly attributed to the collapse of crypto-friendly banks like Silvergate, Signature Bank, and Silicon Valley Bank, which led to a banking crisis in the U.S. 🏦💥. This crisis pushed massive cash inflows into BTC, increasing its market capitalization to $547 billion 💸. However, stablecoins like USDC, DAI, USDD, and FRAX initially plunged below their peg during the crisis 📉.