Cryptocurrencies associated with artificial intelligence recorded a rise throughout the week, despite the cautious performance of main crypto assets ahead of the Federal Reserve’s interest rate decision. Fetch, focusing on artificial intelligence, led the increase in value among cryptocurrencies related to recent developments in this field, satisfying its investors.
FET, the native cryptocurrency of Fetch ai, saw a 7.54% increase over the last 24 hours, trading at $0.6480. Fetch ai is focused on automating business processes, data processing, and trading operations using artificial intelligence and machine learning.
According to blockchain data analytics firm CryptoQuant, FET’s central exchange reserves decreased at the end of November and throughout December. In the last two weeks, more than 26 million FET tokens were withdrawn from exchanges.
This indicates that investors find the crypto asset valuable in the long term. The decrease in the supply of crypto assets positively affects the token price. Jeff Fang, Founding Partner of Sei Labs, said in an interview about the artificial intelligence sector: “The recent rise of the AI crypto sector is influenced by various factors such as users’ increasing interest in artificial intelligence, technological advancements in the sector, and the ongoing development of AI-focused blockchain projects.”
Another crypto token related to the artificial intelligence sector which outperforms the crypto market is Render, a platform that helps artists access computing power to create productive AI artworks. The cryptocurrency RNDR is known for operating on a proof of work consensus mechanism. It gained more than 8% in value last week and was trading at $4.11 at the time of writing.