Altcoins Surge as Bitcoin Dominance Dips: DeFi and AI Tokens Lead

AI tokens NEAR and ICP along with DeFi assets AVAX and LINK skyrocketed in 24 hours.
The altcoin market cap crossed the $900 billion mark as BTC dropped to $94K.
USUAL surged 34% and MORPHO jumped 22.69%, outperforming the market.

Bitcoin (BTC), the market leading digital asset, has crashed to the $94,000 price level after an 11.45% price plunge in the last seven days while the dominance of the digital asset has also crashed to 56.2%, resulting in decentralized finance (DeFi) tokens and artificial intelligence (AI) cryptocurrencies soaring.

According to the weekly chart provided by TradingView below, the altcoin trading volume rose significantly as the total market cap of cryptocurrencies other than Bitcoin and Ether rose to $959.64 billion. At the same time, the Fear and Greed Index has dropped to 55 and reads “Neutral.”

The weekly Relative Strength Index (RSI) reads a value of 63 which means that the bulls are still in control of the altcoin sector while the MACD indicator is also bullish with the MACD line (blue) still above the signal line (line). The MACD histogram is also significantly bullish.

Market Movers: Who’s Up and Who’s Down?

In the past 24 hours, Usual (USUAL) rose by 34% and trades at $1.37; Aave (AAVE) has skyrocketed 17.76% to $379.40; Convex Finance (CVX) jumped 18.19% to $4.69, Curve DAO Token (CRV) surged 13% to $0.9199; Morpho (MORPHO) shot up 22.69% to $2.73; FTT price increased 1.36% to $3.17; Virtuals Protocol (VIRTUAL) rose 29.43% to $3.15; while Goatseus Maximus (GOAT) jumped 10.41% to $0.5371.

However, Frax Share (FXS) plunged 4.41% in the past 24 hours and currently trades at $3.17, down 92.51% from its all-time high of $42.67 witnessed over three years ago.

AI and DeFi Tokens Make Moves

Top AI tokens including NEAR Protocol (NEAR), Internet Computer (ICP), and Render (RENDER) have fallen significantly in the past week, dropping 19.38%, 15.44%, 13.86%, respectively. But in the past day, NEAR rose 6.75%, ICP surged 6.84%, and RENDER jumped 9.19%.

Meanwhile, Avalanche (AVAX), Chainlink (LINK), and Hedera (HBAR) rose 5.89%, 5.80%, and 10.65% in the past 24 hours, respectively. While AVAX and LINK dipped 21.80% and 15.93%, in the past week respectively, HBAR surged 5.52% in the same period.

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