Bitcoin surges 6.2% weekly to over $100K, AI tokens drop 7.8% on average, but Turbo (+58.9%) and 0x0.ai (+42.7%) shine; ETF inflows highlight sustained investor interest.
TL;DR…
- Crypto Market Movements: Bitcoin holds steady at over $100,000, up 6.2% weekly, while altcoins struggle with average losses of 10%. Bitcoin dominance rises to 55.6%.
- ETF Demand Sustains Interest: Spot ETF inflows remain strong, marking two consecutive weeks of net positive flows, highlighting sustained investor confidence in Bitcoin as a long-term asset.
- AI Tokens Lose Ground: AI tokens face a 7.8% mcap-weighted loss, but exceptions like Turbo (+58.9%) and 0x0.ai (+42.7%) show resilience amid broader declines.
- Major AI Developments: OpenAI's Sora launches in select regions, Aethir and Partners debut $40M AI initiative, and Casper Network sees renewed optimism with impending Casper AI launch.
What goes up must come down. Following last week’s meteoric rally, most of the crypto market has cooled off recently.
The total market capitalization (mcap) of all cryptocurrencies is now roughly flat for the week, while the CMC Crypto Fear & Greed Index sits at a healthier 73—down from 83 since our last update.
Let’s dive in and see what’s hot and what’s not for this week’s AI recap.
Market Overview
Following record-breaking liquidations and Bitcoin (BTC) dipping to as low as $90,500 last week and $94,150 this week, the OG cryptocurrency is now hovering around the $101,000 price point.
Source: Bitcoin (BTC) Coin Page
Overall, BTC is still up 6.2% in the last seven days.
Altcoins typically fared much worse recently. Ethereum (ETH) is still up 0.4% in the last week, whereas the average altcoin (excluding ETH) is down more than 8% over the same period.
Bitcoin's market dominance has surged to 55.5%, up from 54.2% last week.
Despite the recent market downturn, spot ETF demand remains high. Net flows have been positive for the last two weeks straight, indicating strong investor interest in Bitcoin.
AI Market Recap
After going parabolic last week, many AI tokens have retraced their recent moves and are trading in the red over the last seven days.
Source: Top AI & Big Data Tokens Page
Just two of the top 10 AI tokens by market capitalization are up for the week:
- Render (RENDER): up 10.4%
- Virtuals Protocol (VIRTUAL): up 3.7%
The rest are down between 10% and 20% apiece.
Filecoin (FIL) is currently performing the worst, with a 20.8% loss, whereas Bittensor (TAO) isn’t far behind with a gut-wrenching 16.5% following a flash crash on Binance.
Despite this, a handful of particularly resilient AI tokens have managed to buck the trend and remain positive over the last week.
Some of this week’s biggest winners include the following:
- AI-created meme coin Turbo (TURBO) is this week’s biggest winner, up 58.9%.
- AI-powered private suite 0x0.ai (0x0) tacked on an impressive 42.7%.
- On-chain AI creation platform Humans.ai (HEART) is currently up 32.5%.
When it comes to relative performance, the AI sector isn't looking too hot right now. The sector has an mcap-weighted return of -7.8% over the last week, faring significantly worse than sectors like DeFi (-2.8%) and Smart Contract Platforms (-3%). But analytics tokens have suffered the worst, with an mcap-weighted return of -17.4%.
Source: Fartcoin (FARTCOIN) Token Page
Other notable activities include Fartcoin (FARTCOIN), which recorded an impressive 113.8% gain over the last week to hit an all-time high of $0.51 earlier today. Meanwhile, Casper (CSPR) briefly rallied to $0.025 earlier this week on the back of a team revamp and significant ecosystem expansion (more on this shortly).
AI News Roundup
Despite the downturn, this week has been one of the most significant on record in terms of AI developments and updates—with an avalanche of news to cover.
We’ve cut through the noise to bring you the most important stories below:
Trump Selects David Sacks as White House AI and Crypto Czar: President-elect Donald Trump appointed David Sacks as White House AI and Crypto Czar. Sacks will craft policies to advance U.S. leadership in AI and cryptocurrency, focusing on innovation, free speech, and reducing Big Tech's influence.
AI Agent Solution Casper AI To Launch on Casper Network: On-chain agentic AI platform Casper AI is gearing up to launch on Casper Network. The platform will enable users to build, deploy and trade a variety of AI agents on multiple chains. The platform’s native token, $AIAGENT, will be used to enhance agent capabilities, enable creator royalties and power the platform's AI marketplace. Following its IDO on Ape Terminal, the token will launch on Dec. 13, 2024.
OpenAI Releases Sora in Select Regions: OpenAI has launched Sora, an AI model that generates realistic videos from text prompts. Initially available to ChatGPT Plus and Pro subscribers in the U.S. and other regions, Sora is currently unavailable in the UK and Europe due to regulatory considerations. Meanwhile, Tencent has released the free and open-source Hunyuan Video generator.
Aethir, Beam and MetaStreet Partner on $40 Tactical Compute Initiative: Aethir, Beam Foundation and MetaStreet have launched Tactical Compute (TACOM), a $40 million initiative to provide AI compute resources for projects at the intersection of crypto and AI. The Beam Foundation plans to contribute $5 million to TACOM.
Earos Raises $10 Million for Decentralized AI Infra: Earos, a Singapore-based Web3 initiative integrating AI agents with blockchain technology, has secured $10 million in pre-seed funding led by Lemon Ltd. This investment will advance Earos' decentralized AI ecosystem, enabling users to create, deploy, and monetize AI agents.
>> That’s all for this week’s update. Join us next week for another dose of crypto AI news, updates and market analysis.
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