The market capitalization of artificial intelligence (AI) and big data tokens has experienced a significant surge of 131.4% since hitting their lowest point on June 8. This growth can be attributed to the ongoing bull run of Bitcoin, which has contributed to an overall positive investor sentiment.
Market Capitalization Hits $42.1 Billion
As of November 19, the total market capitalization of AI and big data crypto projects and tokens reached $42.1 billion, according to data from Cointelegraph Markets Pro and CoinMarketCap. The top-performing projects in this category include Near Protocol (NEAR), Internet Computer (ICP), and Render (RENDER).
Market Capitalization and Volume of AI and Big Data Tokens
| Token | Price (USD) | Market Cap (USD) |
| — | — | — |
| NEAR | $10.53 | $2.45B |
| ICP | $6.34 | $1.54B |
| RENDER | $5.11 | $934M |
Source: CoinMarketCap
Recent Surge in AI Token Prices
The recent surge in AI token prices can be attributed to several factors, including:
- Overall positive investor sentiment: The ongoing bull run of Bitcoin has contributed to an overall positive investor sentiment, leading to increased interest and investment in AI tokens.
- Growing confidence in Bitcoin: As the value of Bitcoin continues to rise, investors are becoming increasingly confident in its potential for growth and returns on investment.
- Regulatory clarity: Jurisdictions around the world are introducing clearer regulations regarding cryptocurrency and blockchain technology, providing a more stable environment for investments.
- No major ecosystem collapses: Unlike previous periods, there have been no significant collapses of AI or big data ecosystems, contributing to increased confidence in the market.
AI Tokens Regain Lost Market Capitalization
In contrast to the current trend, the AI token market experienced a phase of steady decline in the first half of 2024. The market peaked at $45 billion on March 15 but eventually declined to $18.2 billion by June 8.
| Token | Price (USD) | Market Cap (USD) |
| — | — | — |
| NEAR | $5.21 | $1.14B |
| ICP | $3.54 | $842M |
| RENDER | $2.51 | $467M |
Source: CoinMarketCap
However, in the next six months, the AI token market made a significant recovery to regain a market capitalization of $42.1 billion. The industry is well-positioned to break its record of almost $45 billion and reach a new all-time high by the end of November.
AI Tokens with Over $1 Million Market Cap
In addition to the projects mentioned above, other AI tokens with over $1 million in market capitalization include:
- Bittensor (TAO): A decentralized protocol for building and deploying scalable AI models.
- Artificial Superintelligence Alliance (FET): A blockchain-based platform for developing and deploying AI applications.
- Injective (INJ): A decentralized derivatives exchange that utilizes AI to enhance trading experiences.
- The Graph (GRT): A decentralized protocol for indexing and querying data on the blockchain.
- Theta Network (THETA): A decentralized video delivery network that utilizes AI to optimize content streaming.
- Akash Network (AKT): A decentralized cloud platform that utilizes AI to manage and optimize resource allocation.
Crypto Market 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.
| Token | Price (USD) | Market Cap (USD) |
| — | — | — |
| BTC | $63,221 | $1.23T |
| ETH | $4,631 | $548B |
Source: CoinMarketCap
The shift signals the increasing acceptance of decentralized finance and crypto assets.
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