AI Coins Stage Massive Rally Gaining Over 130% amid Bitcoin Resurgence
The combined market cap of AI coins and Big Data tokens has soared 130% over the past five months, reaching $42.1 billion, driven by Bitcoin’s climb to a new all-time high.
AI coins have rebounded alongside Bitcoin's recovery, nearing their previous high of $45 billion.
Top performers in this sector include Near Protocol (NEAR), Internet Protocol (ICP), and Render (RENDER).
Despite a booming year bolstered by Wall Street’s AI enthusiasm, the $42.1 billion market cap of AI tokens represents just 1.36% of overall crypto market.
While meme coins have grabbed major attention in this crypto market rally, AI coins along with Big Data tokens have also seen their collective market cap rise by 130% in the last five months. Of course, the rally has been supported by Bitcoin price gaining past the $90,000 level to a new all-time high (ATH).
Riding the momentum of the Bitcoin bull run, the total market cap of the AI coins and Big Data tokens combined has surged to a staggering $42.1 billion. The top three performers in this sector are Near Protocol (NEAR), Internet Protocol (ICP), and Render (RENDER).
Along with growing investor confidence in Bitcoin, the overall positive market sentiment, the expectation of regulatory clarity in the Trump administration, etc. have contributed to the overall rally in AI coins.
AI coins and Big Data tokens have been usually following the Bitcoin trail throughout 2024. The market cap of this sector surged to $45 billion in March 2024, when the BTC price surged to its previous high of $74,000. However, with the BTC correction in the subsequent months, the AI industry lost over 50% of its market cap hitting a low of $18.5 billion in June.
Courtesy: Coinmarketcap
However, just as the Bitcoin price BTC$84 68824h volatility:2.3%Market cap:$1.68 TVol. 24h:$29.12 B
reversed its trajectory since June, the AI coins also started regaining the lost ground. As a result, the entire industry has regained a market cap of $42.1 billion.
The AI sector is on track to surpass its previous record of nearly $45 billion, potentially reaching a new all-time high by the end of November.
Will AI Coins Get Greater Recognition in the Overall Crypto Market?
AI Coins gained massive popularity this year in 2024, thanks to the massive rally in NVIDIA and other AI firms on Wall Street getting the overall AI industry into the limelight. However, at $42.1 billion this represents only 1.36% of the overall crypto market cap of $3.09 trillion.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.