AI and Big Data Crypto Market Cap Stage a Comeback
KEY FACT: The market capitalization of artificial intelligence (AI) and big data cryptocurrency projects and tokens has surged by 79.7% over the past three weeks, exceeding $38 billion on August 25, 2024. This is due to renewed investor confidence, which market volatility shook. Some AI tokens that have seen significant gains include Near Protocol (NEAR), Internet Computer (ICP), Artificial Superintelligence Alliance (FET), and Bittensor (TAO).
Image Source: CoinMarketCap. Market capitalization and volume of AI and big data tokens market
AI and Big Data Crypto Market Cap Stage a Comeback
The market capitalization of artificial intelligence (AI) and big data cryptocurrency projects and tokens has staged a comeback after a record 79.7% surge between August 6 and 27. According to CoinMarketCap data, the AI and big data token market cap comfortably exceeded $38 billion on August 25, 2024. This is hinted to reflect a renewed confidence among crypto investors who believe in the potential of AI and big data technologies to revolutionize various industries.
As of August 6, the total market cap of AI and big data crypto projects stood at $18.21 billion, a yearly low linked to the underperforming price of Bitcoin $BTC and crypto markets in general. Cointelegraph Markets Pro and TradingView show that Bitcoin’s price fell sharply under $50,000, at that time. The AI and big data token market cap rebound by a staggering 79.7%, to $32 billion was unexpected within 19 days.
Some top AI tokens experienced impressive growth during this period. For example, Near Protocol (NEAR), worth $5.5 billion, recorded its price soaring, showing the growing interest in its scalable and user-friendly platform. Internet Computer (ICP), another prominent AI token at $3.8 billion, also witnessed significant gains, driven by its focus on decentralized applications and smart contracts. Two other tokens,
Artificial Superintelligence Alliance (FET) at $3.4 billion and Bittensor (TAO) at $2.8 billion also demonstrated substantial growth.
FET, with its emphasis on creating a decentralized AI network, has attracted attention from investors seeking exposure to the burgeoning field of artificial intelligence. TAO, on the other hand, has gained traction due to its innovative approach to decentralized machine learning.
Image Source
Onchain analytics platform, Lookonchain observed the big gains and noted strange whale transaction behaviour in FET as communicated via an X post on August 26, 2024, which reads thus:
The price of $FET has surged 70% in the past 7 days!
A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago
This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23. - Source
The post highlighted a whale's regret of selling FET at a lower price before spending $2.38 million USDT to repurchase 1.79 million FET tokens from Binance at a higher price of $1.33 on August 25.
The rebound of AI and big data cryptocurrencies is revealing investors' enduring appeal toward these digital assets. This suggests that investors are optimistic about their long-term prospects. As the technology behind these assets continues to improve and mature, they will likely play an increasingly important role in the global economy. Meanwhile, is important to note that the market remains subject to fluctuations and this does not serve as a piece of investment advice.
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