- Artificial intelligence projects have continued their super start to 2024, with the sector up 8% in the past week.
- DeFi, ERC-20 tokens and NFTs were the other standouts.
- Decentralised exchanges in particular had a terrific week, with UniSwap up 40%+ and SushiSwap following suit with 25%+ gains.
Crypto analyst Santiment has unveiled its picks for four of the top Web3 sectors as 2024 well and truly gets underway. The team highlighted several sectors that have performed well over the past seven days, with speculation that they could continue this run as Bitcoin’s price movement cools.
AI Leads the Pack Amid Sora AI Release
OpenAI’s newest flagship product, Sora AI, doesn’t have any direct correlation to the crypto market. However the overwhelming response from the global community – demonstrating both awe and fear – shows how artificial intelligence has gripped the world’s attention. The incredible interest in the sector has spilled over to the crypto market, with AI-focussed coins pumping 8% since last week.
Following Vitalik Buterin’s endorsement of AI as an answer to some of blockchain’s biggest questions, several cryptocurrencies went on an impressive run. SingularityNET (AGIX) was a particular standout, rising nearly 70% over the last seven days.
The hype around AI might just be a micro-trend, or it may be here to stay. Regardless, the industry has had an enjoyable start to 2024 and doesn’t seem to be slowing down in the short term.
NFTs also had a terrific week-to-date, with the total cap of projects in the sector rising by 8.17%. Digital collectibles have lost momentum since their 21-22 peak, but several big players are starting to re-emerge from the rubble. Ultra (UOS), a platform for video games and related content, surged 70% this week after 18 months of mostly sideways movement.
ERC-20 and DeFi Ticking Along As ETH Decision Approaches
Eth-related projects had a strong week too, as speculation mounts that an Ethereum ETF will be approved by mid-2024. Though the trend is not as powerful as the AI and NFT sectors, projects like WOO – an ERC-based trading platform – are up 10-15%.
In the DeFi sector, all of the big names posted positive performances in the last seven days. UniSwap (UNI), one of the biggest decentralised applications in the world, hit a 12-month high after rocketing 45% in the past week. Sushiswap (SUSHI) was another top coin, seeing 26% gains.
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