The cryptocurrency market experienced a sharp decline, with tokens related to artificial intelligence and big data losing $4.69 billion in market value in three days. The market value, which was $38.82 billion on September 30, fell to $34.13 billion on October 3. This led investors to question their expectations for the “UPtober” trend.

Near Protocol (NEAR) suffered the biggest loss in the last seven days, down 14.88%, while Bitensor (TAO) and Internet Computer (ICP) lost 9.37% and 13.35%, respectively. Render (RNDR) fell 13.64%, and Artificial Superintelligence Alliance (FET) fell 16.68%.

While October is known to bring strong gains historically, 2024 has disrupted this trend. Geopolitical tensions in the Middle East, regulatory challenges, and macroeconomic concerns have also caused a decline in the overall crypto market.

However, AI tokens are still performing better than in July. Their market cap rose from $20 billion in July to $34 billion in October. This makes the recent losses seem insignificant.

Do you think this decline is temporary? We are waiting for your comments.