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AI and big data crypto projects rebound sharply, nearing all-time highs as investor confidence surges in the ongoing Bitcoin rally.
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Artificial intelligence and big data tokens have seen their market capitalization soar by 131.35% since hitting their lowest point of the year on June 8, riding the momentum of Bitcoin’s ongoing bull run.
On Nov. 19, the total market capitalization of AI and big data crypto projects and tokens grew to $42.13 billion, led by Near Protocol (NEAR), Internet Computer (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 surge in AI token prices can be attributed to overall positive investor sentiment, growing confidence in Bitcoin (BTC), regulatory clarity in numerous jurisdictions and no major ecosystem collapses.
AI tokens recover lost market capitalization
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 $44.99 billion on March 15, eventually made its way down to $18.21 billion by June 8.
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 $42.13 billion. The AI industry is well-positioned to break its record of $44.99 billion to mark a new all-time high by the end of November.
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) and Akash Network (AKT).
Crypto markets comparable to traditional banking giants
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: New record: Bitcoin surpasses $1.6 trillion market cap
On Nov. 10, Ethereum surpassed Bank of America in terms of market capitalization, standing at around $383 billion.
Chart showing Bank of America’s market capitalization currently sits at $346 billion. Source: CompaniesMarketcap
The shift signals the rising popularity of decentralized finance and crypto assets.
Magazine: Legal issues surround the FBI’s creation of fake crypto tokens
This article first appeared at Cointelegraph.com News
