AI Token Market Capitalization Skyrockets
29 Aug, 2024 ● Crypto News
The market capitalization of artificial intelligence and big data cryptocurrency projects and tokens has surged by 79.7% over the past three weeks, signaling renewed confidence among crypto investors.
On August 6, the total market cap of AI and big data crypto projects hit a yearly low of $18.21 billion, largely due to its indirect dependence on the underperforming price of Bitcoin and the broader crypto markets.
At that time, Bitcoin’s price had sharply fallen below $50,000, according to TradingView data.
According to CoinMarketCap, the AI and big data token ecosystem mirrored Bitcoin’s price recovery, with its market cap comfortably exceeding $38 billion by August 25.
As of August 27, the top AI and big data tokens by market capitalization include Near Protocol at $5.5 billion, Internet Computer at $3.8 billion, Artificial Superintelligence Alliance (FET) at $3.4 billion, and Bittensor (TAO) at $2.8 billion.
During this period, market volatility negatively affected investor sentiment, as the Crypto Fear & Greed Index by Alternative.me reached "extreme fear" levels.
However, as the markets began to recover, sentiment improved to "neutral," with crypto investors seeking to recoup losses.
The Fear & Greed Index, designed to gauge the emotions of crypto investors, now serves as a valuable tool for making investment decisions.
Onchain analytics platform Lookonchain highlighted the significant gains and noted unusual whale transaction activity in FET in an August 26 post on X.
The platform observed that a whale "seemed to regret selling" 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.
Sources:
https://cointelegraph.com/news/ai-big-data-crypto-market-recovery-aug
