AI and Big Data tokens capitalization has fallen by almost $5 billion since the beginning of the month
October has traditionally been considered a period of growth in the crypto market, but this year the trend has broken down
03.10.2024 - 16:25
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What’s new? The market capitalization of crypto project tokens related to artificial intelligence and big data technologies has fallen by $4,69 billion over the past three days: from $38,32 billion to $34,13 billion. It is noteworthy that traditionally October, unlike September, is considered a strong month, and traders expected the market to recover.
The CoinGecko aggregator’s data
What else is known? Among leading AI tokens, Near Protocol (NEAR) has seen the sharpest decline of 19% over the past seven days, with the asset trading at $4,65 at the time of writing.
The other leading tokens that previously showed the best returns, Bitensor (TAO) and Internet Computer (ICP), have lost 8,4% and 15,6% over the same period and are trading at $502,92 and $7,99, respectively.
The trend is seen among all leading coins, with assets of Render (RNDR) and Artificial Superintelligence Alliance (FET) projects losing 17,1% and 16,8% and trading at $5,27 and $1,4.
Historically, October has been considered a period of strong growth and stability, but 2024 has broken that trend as declines are seen not only in the AI segment but also in the broader crypto market. This is due to the escalating conflict in the Middle East.
For example, at the beginning of the month, the value of bitcoin momentarily dropped to $60 000. This happened after Iran fired about 180 missiles at Israel. Then, positions worth $526,61 million were liquidated overnight, of which long positions accounted for $453,14 million.
However, despite the downturn, AI tokens are still performing better compared to July, when the sector’s capitalization was around $20 billion. Looking from this perspective, the sector added $13 billion over the three months, largely offsetting the decline at the beginning of October.
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