As a seasoned researcher with a keen eye for market trends, I must say the recent surge in AI and big data tokens is nothing short of fascinating. Having closely observed the crypto market since its inception, I can attest to the rollercoaster ride it has been. But what we’re witnessing now is truly remarkable – a market capitalization soar by 131.4% since June 8!
The value of artificial intelligence and big data stocks has significantly increased by 131.4% since reaching their lowest this year on June 8, thanks to the continuous surge in Bitcoin’s price.
On the 19th of November, the combined market value of cryptocurrency projects and tokens focusing on AI and big data saw a surge to approximately $42.1 billion. This growth was primarily driven by Near Protocol (NEAR), Internet Computer (ICP) and Render (RENDER), as per the latest data from CryptoMoon Markets Pro and CoinMarketCap.
The increased value of AI tokens is primarily due to a general optimism among investors, rising trust in Bitcoin (BTC), clearer regulations in many regions, and the absence of significant ecosystem failures.
AI tokens recover lost market capitalization
As an analyst, I’ve observed a shift in the AI token market trajectory compared to its previous trend. Instead of the usual upward surge, we saw a period of consistent decrease in the first half of 2024. This market, which reached a peak capitalization of $45 billion on March 15, witnessed a decline and settled at $18.2 billion by June 8.
Over the next six months, the AI token market underwent a significant reversal and rebounded, reaching a market capitalization of $42.1 billion. With a strong position, the AI industry is poised to surpass its previous record of $44.99 billion, potentially setting a new all-time high by November’s end.
Besides the previously stated initiatives, there are also AI-related tokens with a market cap exceeding $1 million. These include Bittensor (Token Acronym: TAO), Artificial Superintelligence Alliance (FET), Injective (INJ), The Graph (GRT), Theta Network (THETA), and Akash Network (AKT).
Crypto markets comparable to traditional banking giants
right now, the total value of all cryptocurrencies combined is roughly $3.09 trillion, as reported by CoinMarketCap. This means that AI-related tokens make up only about 1.36% of the entire crypto market. This suggests there’s a significant potential for growth in the AI token sector.
On November 10th, Ethereum outranked Bank of America regarding market value, reaching approximately $383 billion.
The shift signals the rising popularity of decentralized finance and crypto assets.
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2024-11-19 11:45