AI and big data tokens surged 131% amid Bitcoin’s run.
The artificial intelligence and big data token has seen its market capitalization grow by 131.4% since hitting the year's low on June 8, hitting the pace of Bitcoin's ongoing bull run.
In the year On November 19, the total market capitalization of AI and big data crypto projects and tokens increased to $42.1 billion, led by Near Protocol (NEAR), Internet Computing (ICP) and Render (RENDER), according to data from Cointelegraph Markets Pro and CoinMarketCap.
Market capitalization and volume of AI and big data tokens, 30 days. Source: CoinMarketCap
The recent rise in AI token prices can be attributed to generally positive investor sentiment, growing confidence in Bitcoin (BTC), regulatory transparency in many jurisdictions, and no major ecosystem collapse.
AI tokens will regain the lost market capitalization
Contrary to the current trend, the AI Token market should see a steady decline in the first half of 2024. The market capitalization peaked at $45 billion on March 15 and finally fell to $18.2 billion on June 8. .
Market capitalization and amount 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 capitalization of 42.1 billion dollars. The AI industry is poised to hit a record-breaking $45 billion at the end of November, marking a new all-time high.
AI tokens, in addition to the aforementioned projects, with a market cap of over $1 million include Bittensor (TAO), Artificial Superintelligence Alliance (FET), Injective (INJ), The Graph (GRT), Theta Network (THETA), and Akash. network (AKT)
Crypto markets that compete with traditional banking giants
According to CoinMarketCap data, the total market capitalization of the entire crypto market is currently estimated at $3.09 trillion. As a result, AI tokens represent only 1.36% of the crypto market – showing huge scope for growth.
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In the year On November 10, Ethereum surpassed Bank of America in market capitalization at around $383 billion.
Bank of America's market capitalization chart currently stands at $346 billion. Source: CompaniesMarketcap
The shift reflects the growing acceptance of decentralized finance and crypto assets.
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