Alternative cryptocurrencies, or altcoins, saw a surge in value as geopolitical worries eased and a strong US jobs report alleviated recession fears. Bittensor's TAO and Render's (RNDR) tokens experienced gains of 14% and 8% respectively, while the CoinDesk Computing Index, which tracks AI-related tokens, performed the best among crypto sectors. Asset manager Grayscale increased the weight of TAO in its decentralized AI-focused crypto fund to 27% and added the Graph (GRT), replacing Livepeer (LPT). Bitcoin also climbed to $62,300, up 2.2% during the day, but altcoins outperformed BTC. The positive sentiment also had an impact on the stock market, with the S&P 500 and Nasdaq indexes closing higher. The US labor market report, which added 251,000 jobs in September, exceeded expectations and lowered concerns of a recession. Experts believe that the recent sell-off is likely over and that both stocks and crypto will continue to rise as long as the US economy remains strong and the Federal Reserve implements smaller interest rate cuts.
- Content Editor ( coindesk.com )
- 2024-10-04
AI Tokens Lead Crypto Rebound Amid Strong U.S. Economy