AI Crypto Tokens See Market Cap Surge Ahead of Nvidia Earnings Announcement
Over the last three weeks AI Tokens, the market capitalization of cryptocurrencies with a big data and artificial intelligence (AI) concentration has increased by 79.7%, indicating that investors are once again confident in the cryptocurrency space.
Due to larger issues in the cryptocurrency market and a notable decline in the price of Bitcoin, the market capitalization for AI and big data cryptocurrency projects dropped to an annual low of $18.21 billion on August 6. The unanticipated hike in interest rates by the Bank of Japan set off the downturn, which caused Bitcoin to drop to $49,500 on August 5.
AI Tokens Bounce Back with Bitcoin
AI and big data tokens have been remarkably resilient in the face of the broader market collapse, closely tracking Bitcoin’s rebound. The market capitalization for artificial intelligence and big data projects has more than doubled to almost $38 billion by August 25, according to statistics from CoinMarketCap.
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Leading tokens in the artificial intelligence (AI) and big data space as of August 27 are Bitsor (TAO) at $2.8 billion, Internet Computer (ICP) at $3.8 billion, Artificial Superintelligence Alliance (FET) at $3.4 billion, and Near Protocol (NEAR) at $5.5 billion.
Lookonchain, an on-chain analytics tool, saw unusual transaction activity in addition to the general market rebound. One such transaction involved a huge whale in the FET token. After selling 1.79 million FET tokens at a cheaper price the first time around, the investor bought them back from Binance on August 25 for $2.38 million USDT, or $1.33 per token.
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The Broader AI Narrative and Nvidia’s Influence on the Market
The broader AI story, which has acquired great popularity in 2024, is driving the rise in AI tokens. The robust success of Nvidia’s stock, a major player in AI hardware, is contributing to this momentum. AI-related token rallies have typically been triggered by Nvidia’s earnings releases, and further market activity is expected on August 28, when the company is scheduled to release its quarterly results.
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