The previous week saw a surge in the crypto market, marking a notable uptick in Bitcoin’s value, reaching the $60,000 milestone once again.
This positive trend has propelled several altcoins forward, especially those in the realm of artificial intelligence (AI) tokens.
Resulting discussions have emerged surrounding the potential for an altcoin rally in the upcoming week in the crypto sphere.
AI Tokens Leading the Way in the Upcoming Crypto Phase
An evaluation of the market cap for AI tokens indicates a consistent upward movement, setting an optimistic outlook for the upcoming week in the crypto realm.
AI tokens like Internet Computer (ICP), Artificial Superintelligence Alliance [FET], and Injective [INJ] have all seen substantial growth over the last seven days.
Presently, the collective market cap for AI tokens stands at around $28.1 billion, illustrating a clear upward trajectory.
If these tokens uphold their current momentum, we could potentially witness further escalation in market capitalization in the forthcoming crypto week.
Nonetheless, the odds of triggering the much-anticipated altcoin rally remain uncertain.
Anticipation of an Altcoin Rally in the Near Future
Upon scrutinizing crucial price data, various altcoins have demonstrated significant advancements over the past 90 days. Bittensor [TAO] surged by 87.1%, while Sui [SUI] witnessed a rise of 75.7%.
Furthermore, Aave [AAVE] experienced a boost of 72.4%, whereas Ripple [XRP] showed an increase of 19.6%.
These impressive advancements suggest that these altcoins may sustain their positive trends in the upcoming crypto week.
Despite these promising signs, the likelihood of an immediate altcoin rally remains uncertain.
Statistics from Blockchain Center reveal that the current altcoin season index stands at 33%. To declare an altcoin season, 75% of the top 50 coins must outperform Bitcoin over the past 90 days.
At present, only approximately 16 tokens have displayed positive trends over the past 90 days, including the ones mentioned earlier.
This indicates that while specific altcoins are performing favorably, the broader market might not yet be primed for a comprehensive altcoin rally in the upcoming crypto week.
Wrap-Up
The upcoming week in the crypto landscape holds promise for further growth in AI tokens and selected altcoins. However, market indicators suggest that a widespread altcoin rally might not materialize just yet.
Investors are advised to closely monitor market trends and conduct thorough research before making investment choices in the upcoming week.