AI And Big Data Tokens Surge 131% Amid Bitcoin Rally Run
The market capitalization of artificial intelligence (AI) and big data tokens has witnessed a significant surge of 131.4% since hitting its lowest point on June 8, riding the momentum of Bitcoin’s ongoing bull run.
Market Cap Growth and Top Performers
On November 19, the total market capitalization of AI and big data crypto projects and tokens grew to $42.1 billion, led by Near Protocol (NEAR), Internet Computer (ICP), and Render (RENDER). According to data from Cointelegraph Markets Pro and CoinMarketCap, these top performers have driven the growth in the AI token market.
30-Day Market Capitalization and Volume Chart
Market capitalization and volume of AI and big data tokens, 30 days. Source: CoinMarketCap
The recent surge in AI token prices can be attributed to overall positive investor sentiment, growing confidence in Bitcoin (BTC), regulatory clarity in numerous jurisdictions, and the absence of major ecosystem collapses.
AI Token Market Recovery
In contrast to the current trend, the AI token market had a phase of steady decline in the first half of 2024. The market, which had a peak capitalization of $45 billion on March 15, eventually made its way down to $18.2 billion by June 8.
1-Year Market Capitalization and Volume Chart
Market capitalization and volume of AI and big data tokens, one year. Source: CoinMarketCap
However, in the next six months, the AI token market made a U-turn recovery to regain a market capitalization of $42.1 billion. The AI industry is well-positioned to break its record of almost $45 billion to mark a new all-time high by the end of November.
Other Notable AI Tokens
In addition to the projects mentioned above, with over $1 million in market cap, include:
- Bittensor (TAO)
- Artificial Superintelligence Alliance (FET)
- Injective (INJ)
- The Graph (GRT)
- Theta Network (THETA)
- Akash Network (AKT)
Crypto Market Comparison
The cumulative market capitalization of the entire crypto market is currently estimated at $3.09 trillion, according to CoinMarketCap data. As a result, AI tokens represent just 1.36% of the crypto market – signaling a huge scope for growth.
Related News
- New record: Bitcoin surpasses $1.6 trillion market cap
- On November 10, Ethereum surpassed Bank of America in terms of market capitalization, standing at around $383 billion.
Market Outlook
The increasing acceptance of decentralized finance and crypto assets has led to the shift in market capitalization. This signals a significant opportunity for growth in the AI token market.
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