Artificial intelligence and big data cryptocurrencies have seen their market capitalization surge 131.35% since hitting a yearly low on June 8, thanks to Bitcoin's strong rally.
On November 19, the total market capitalization of AI and big data projects and tokens rose to $42.13 billion, led by Near Protocol (NEAR), Internet Computer (ICP), and Render (RENDER), according to data from TinTucBitcoin and CoinMarketCap.
Market capitalization and trading volume of AI and big data tokens, 30 days. Source: CoinMarketCap
The recent surge in the price of AI Tokens can be attributed to growing investor confidence, strengthening confidence in Bitcoin (BTC), regulatory clarity in many regions, and the absence of major ecosystem collapse.
AI Tokens Recover Lost Capitalization
Contrary to the current trend, the AI Token market has been on a steady decline in the first half of 2024. The market peaked at $44.99 billion in capitalization on March 15 and eventually fell to $18.21 billion on June 8.
Market capitalization and trading volume of AI and big data tokens, one year. Source: CoinMarketCap
However, over the next six months, the AI Token market has rebounded to regain a market capitalization of $42.13 billion. The AI industry is well-positioned to break the record of $44.99 billion and mark a new all-time high by the end of November.
Other AI tokens with market capitalizations above $1 million, in addition to the projects mentioned, include Bittensor (TAO), Artificial Superintelligence Alliance (FET), Injective (INJ), The Graph (GRT), Theta Network (THETA), and Akash Network (AKT).
Cryptocurrency Market vs. Traditional Banking Corporations
The total market capitalization of the entire Cryptocurrency market is currently estimated at around $3.09 trillion, according to data from CoinMarketCap. Therefore, AI Tokens only account for 1.36% of the Cryptocurrency market — showing a huge potential for growth.
On November 10, Ethereum surpassed Bank of America in market capitalization, reaching around $383 billion.
The chart shows Bank of America's market capitalization currently stands at $346 billion. Source: CompaniesMarketcap
This shift marks the rise in popularity of DeFi and Crypto assets.
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