AI tokens faced a steady decline in the first half of 2024, with their market capitalization dropping from a March 15 peak of $45 billion to $18.2 billion by June 8. However, the sector has staged a dramatic turnaround, reclaiming much of its value in the past six months. Analysts predict the AI token market could break its previous record of $45 billion by the end of November.
Other major tokens contributing to the sector's growth include:
Bittensor (TAO)
Artificial Superintelligence Alliance (FET)
Injective (INJ)
The Graph (GRT)
Theta Network (THETA)
Akash Network (AKT)
The cumulative cryptocurrency market capitalization stands at $3.09 trillion, with AI and big data tokens accounting for 1.36% of the total market—highlighting significant potential for future growth.
In a milestone for decentralized finance, Ethereum (ETH) recently surpassed Bank of America in market capitalization, with ETH valued at approximately $383 billion compared to Bank of America's $346 billion. This signals the growing adoption of crypto assets and decentralized finance within the global financial system.
The rally in AI and big data tokens is attributed to:
Bitcoin's bull run: Renewed confidence in the crypto sector has spurred capital inflows.
Regulatory clarity: Positive developments in several jurisdictions have reassured investors.
Improved sentiment: The absence of major ecosystem collapses has stabilized market conditions.
As the AI token market continues its recovery, the broader crypto industry’s ability to outperform traditional financial giants underscores its growing acceptance and transformative potential.
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