Artificial intelligence-related cryptocurrencies led the crypto rally on Monday as altcoins continued to shine relative to bitcoin (BTC).

Native tokens of layer-1 blockchain Near (NEAR) and decentralized computing platform Render (RNDR) advanced 18%-20% over the past 24 hours. They were the fastest horses within the broad-market benchmark CoinDesk 20 Index, which gained 1.5% during the same period.

Decentralized machine learning protocol Bittensor (TAO) climbed 17% during the same period, while Livepeer (LPT) added to its gains after Barry Silbert, CEO of crypto investment firm Digital Currency Group (DCG), called the token “under the radar crypto AI play” in an X post. The token is a constituent of the Grayscale Decentralized AI Fund, issued by DCG’s asset management subsidiary.

Bitcoin, meanwhile, was lagging with a less than 1% gain, battling to reclaim the key 200-day moving average at just below $64,000. Ethereum’s ether (ETH) showed relative strength with a 3.5% return.

Another notable outperformer was blockchain data availability project Celestia’s native token (TIA), up 12% Monday with news about its ecosystem development organization Celestia Foundation raising $100 million investment led by Bain Capital Crypto. The price action was perhaps buoyed by Democratic nominee Kamala Harris reportedly saying at a fundraiser event that she’ll be a tech-friendly president and will “encourage innovative technologies like AI and digital assets.”

A check on traditional markets saw gold breaking new record prices with stocks edging higher, adding to their gains since the Federal Reserve lowered interest rates by 50 basis points on Wednesday.

It was likely the first of many more cuts through next year, Chicago Fed President Austan Goolsbee said on Monday. “Over the next 12 months, we have a long way to come down to get the interest rate to something like neutral,” Goolsbee said. The Fed’s economic projection showed the neutral rate at close to 3%.

Bitcoin could hit new record prices in Q4

Rate cuts brought bitcoin’s price lower in 2019, but they might be bullish this time if they happen due to inflation cooling towards 2% instead of economic weakness, Markus Thielen, founder of 10x Research, said Monday in an interview with CoinDesk Markets Daily.

Thielen predicted BTC breaking out to new all-time highs in the last quarter of the year from its six-month sideways move, citing several catalysts to fuel the rally.

Months between October and March are historically the strongest period for bitcoin, responsible for most of the gains over the year.

The FTX estate may redistribute some $16 billion of assets to creditors in the next months, with a part of those funds flowing back to the crypto assets, Thielen said.

The SEC last week approved listing options for BlackRock’s spot bitcoin ETF (IBIT), a positive move that paves the way to launch more financial instruments around the ETF and eventually bring more institutional liquidity to the leading asset.

While many crypto investors see uncertainty about who will be voted for the next U.S. president in November, Thielen said that the election “doesn’t really matter” because government spending and deficits will continue to rise, benefitting BTC.