AI-Based Crypto Market Capitalization Soars 79 Percent, What's the Reason?

Previously, market capitalization for artificial intelligence (AI) and big data-based cryptocurrency projects had experienced an extraordinary surge, rising by 79.7 percent over the past three weeks. This growth signals a new sense of confidence among crypto investors.

Reporting from Yahoo Finance, Thursday (29/8/2024), on August 6, market capitalization for AI and big data crypto projects reached an annual low of USD 18.21 billion or the equivalent of IDR 280.8 trillion (assuming an exchange rate of IDR 15,424 per US dollar), largely due to broader difficulties in cryptocurrency markets and a sharp drop in Bitcoin prices.

Bitcoin hit a low of USD 49,500 on August 5 following a surprise decision by the Bank of Japan to raise interest rates.

As of August 27, leading tokens in the field of AI and big data include Near Protocol (NEAR) with a market capitalization of USD 5.5 billion, Internet Computer (ICP) at USD 3.8 billion, Artificial Superintelligence Alliance (FET) at USD 3, 4 billion, and Bittensor (TAO) of USD 2.8 billion.

The rise in AI tokens is also driven by the broader AI narrative, which has gained significant traction in 2024. This momentum is driven in part by the strong stock performance of Nvidia, a key player in the AI ​​hardware space.#BTC #TipsTradingFutures #CryptoExplorerFiesta #Binance #Web3 $BTC