AI tokens and big data crypto projects see a sharp rebound, approaching all-time highs as investor confidence grows amid the Bitcoin rally.
The market capitalization of artificial intelligence and big data tokens has increased by 131.4% since their lowest point of the year on June 8, as a result of the ongoing bull run in Bitcoin.
According to data from CoinMarketCap and Cointelegraph Markets Pro, the total market capitalization of AI and big data crypto projects and tokens increased to $42.1 billion on Nov. 19.
Near Protocol, Internet Computer, and Render were the top three performers.
The recent increase in the price of AI tokens can be attributed to the generally positive sentiment among investors, the increasing confidence in Bitcoin, the clarity of regulatory frameworks in numerous jurisdictions, and the absence of any significant ecosystem collapse.
AI Tokens Regain Market Capitalization That Has Been Lost
In contrast to the present trend, the AI token market experienced a period of consistent decline during the first half of 2024.
The market’s apex capitalization of $45 billion was achieved on March 15, and it ultimately declined to $18.2 billion by June 8.
Nevertheless, the AI token market experienced a U-turn recovery over the course of the subsequent six months, regaining a market capitalization of $42.1 billion.
By the conclusion of November, the AI industry is in a favorable position to surpass its previous record of nearly $45 billion and establish a new all-time high.
Bittensor, Artificial Superintelligence Alliance, Injective, The Graph, Theta Network, and Akash Network are AI tokens that have a market capitalization of over $1 million, in addition to the aforementioned initiatives.
Traditional Banking Giants Are Analogous To Crypto Market
The current estimate of the cumulative market capitalization of the entire crypto market is $3.09 trillion, as per CoinMarketCap Data. Consequently, AI tokens account for only 1.36% of the crypto market, indicating a significant potential for growth.
Ethereum’s market capitalization peaked at approximately $383 billion on November 10, surpassing that of Bank of America.
The change indicates that decentralized finance and crypto assets are becoming more widely accepted.