Bitcoin (BTC) and Ethereum (ETH) Price Surge as Artificial Intelligence (AI) Integration with Blockchain Technology Drives Market Activity

The cryptocurrency market displayed heightened activity and significant price movements over the past 24 hours, driven by major announcements in the integration of artificial intelligence (AI) with blockchain technology.

Bitcoin (BTC) experienced a 3.2% surge within a brief 4-hour window, reaching $34,500 on Binance by 08:00 UTC as of Thursday, according to CoinMarketCap data.

Ethereum (ETH) followed suit, climbing by 2.8% to $1,820 by 09:00 UTC, as reported by TradingView charts.

AI-related tokens recorded explosive growth during the same period. Fetch.ai (FET) saw a 12.5% increase, reaching $0.42 by 10:00 UTC, while Render Token (RNDR) jumped 9.3% to $2.15, per CoinGecko statistics.

This sharp rise coincided with tech announcements highlighting advancements in AI models and their deployment on decentralized networks, particularly from Fetch.ai’s October 24 press release.

On-chain data from Glassnode at 12:00 UTC revealed a 22% boost in wallet activity for AI tokens like FET compared to the prior week, signaling growing investor interest in this sector.

Trading activity was notably intense, with BTC/USDT on Binance recording a 24-hour volume of $1.2 billion by 11:00 UTC, reflecting a 35% increase from the previous day.

FET/USDT saw an even more dramatic surge, with trading volume spiking by 78% to $85 million, according to CoinGecko.

The narrowing bid-ask spread for FET/USDT to 0.05% as of 13:00 UTC indicated heightened liquidity, creating opportunities for traders to capitalize on rapid price swings.

From a technical standpoint, momentum indicators highlighted bullish trends across several key assets.

Bitcoin’s Relative Strength Index (RSI) on the 4-hour chart reached 68 by 18:00 UTC, approaching overbought territory but maintaining a bullish outlook, according to TradingView analysis.

Ethereum’s Moving Average Convergence Divergence (MACD) showed a bullish crossover as of 19:00 UTC, signaling potential for further upside.

Meanwhile, RNDR/USDT broke above its 50-day moving average of $2.10 by 21:00 UTC, supported by a 24-hour volume increase of 55% to $65 million, per CoinGecko.

The broader market sentiment for AI-crypto assets remained optimistic.

Social media mentions of “AI crypto” spiked 40% over the past day, per LunarCrush data at 17:00 UTC, while Santiment reported a 30% increase in daily active addresses for RNDR at 15:00 UTC.

These trends suggest that traders are closely monitoring AI-crypto developments, positioning themselves to benefit from short-term price movements.

Beyond individual tokens, the correlation between AI advancements and the broader cryptocurrency market is becoming increasingly evident.

As of 14:00 UTC, the BTC/ETH trading volume on Coinbase reached $650 million, a 28% increase from the previous day, reflecting institutional interest in the AI-blockchain narrative.

The Fetch.ai update on October 24, highlighting AI model deployments on decentralized platforms, appears to have amplified this sentiment, drawing traders and investors into projects at this intersection.