AI and big data tokens surge 131% amid Bitcoin rull run

Artificial intelligence and big data tokens have seen their market capitalization soar by 131.4% since hitting their lowest point of the year on June 8, riding the momentum of Bitcoin’s ongoing bull run.

In contrast to the current trend, the AI token market had a phase of steady decline in the first half of 2024. The market, which had a peak capitalization of $45 billion on March 15, eventually made its way down to $18.2 billion by June 8.

However, in the next six months, the AI token market made a U-turn recovery to regain a market capitalization of $42.1 billion. The AI industry is well-positioned to break its record of almost $45 billion to mark a new all-time high by the end of November.

AI tokens, in addition to the projects mentioned above, with over $1 million in market cap, include Bittensor, Artificial Superintelligence Alliance, Injective, The Graph, Theta Network, and Akash Network.

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.

On Nov. 10, Ethereum surpassed Bank of America in terms of market capitalization, standing at around $383 billion.

The shift signals the increasing acceptance of decentralized finance and crypto assets.