AI and big data tokens surge 131% amid Bitcoin rull run
Artificial intelligence and big data tokens have seen their market capitalization soar by 131.4% 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 $42.1 billion, led by Near Protocol NEAR , Internet Computer ICP and Render RENDER , according to data from Cointelegraph Markets Pro and 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 $45 billion on March 15, eventually made its way down to $18.2 billion by June 8.
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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.
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.