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.
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.
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Courtesy: Coinmarketcap
However, just as the Bitcoin price BTC $86 141 24h volatility: 2.9% Market cap: $1.72 T Vol. 24h: $49.25 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.
Among AI tokens with a market cap exceeding $1 million are The Graph GRT $0.0380 24h volatility: 5.1% Market cap: $404.46 M Vol. 24h: $21.58 M , Bittensor TAO $266.5 24h volatility: 6.5% Market cap: $2.56 B Vol. 24h: $133.72 M , Artificial Superintelligence Alliance FET $0.22 24h volatility: 4.1% Market cap: $585.62 M Vol. 24h: $78.70 M , Akash Network AKT $0.41 24h volatility: 4.9% Market cap: $116.26 M Vol. 24h: $4.63 M , Injective INJ $4.93 24h volatility: 4.2% Market cap: $493.55 M Vol. 24h: $65.75 M , and Theta Network THETA $0.32 24h volatility: 5.0% Market cap: $320.56 M Vol. 24h: $15.05 M .
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.
Besides, the overall crypto market has also been showing resilience with Bitcoin holding firm above $91,000 levels. Altcoins like Solana SOL $125.6 24h volatility: 3.6% Market cap: $70.55 B Vol. 24h: $5.39 B , XRP XRP $1.90 24h volatility: 4.3% Market cap: $115.09 B Vol. 24h: $3.16 B , and Cardano ADA $0.39 24h volatility: 2.8% Market cap: $14.18 B Vol. 24h: $687.22 M staged massive rally over the last weekend pumping hopes of a fresh altseason. However, Ethereum ETH $2 947 24h volatility: 4.9% Market cap: $355.93 B Vol. 24h: $29.19 B price still needs to catch for an overall surge in this sector.
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