The market capitalization of artificial intelligence and big data cryptocurrency projects and tokens has surged by 79.7% over the past three weeks, reflecting renewed confidence among crypto investors.
On Aug. 6, the total market cap of AI and big data crypto projects recorded a yearly low of $18.21 billion, primarily due to its indirect reliance on the underperforming price of Bitcoin (BTC) and crypto markets in general. At the time, Bitcoin’s price fell sharply under $50,000, according to data from Cointelegraph Markets Pro and TradingView.
Market capitalization and volume of AI and big data tokens market. Source: CoinMarketCap
Heavy influence of the Bitcoin market
According to CoinMarketCap data, the AI and big data token ecosystem replicated Bitcoin’s price recovery and saw its market cap comfortably exceed $38 billion on Aug. 25.
As of Aug. 27, top AI and big data tokens in terms of market capitalization include Near Protocol (NEAR), which is worth $5.5 billion, Internet Computer (ICP) at $3.8 billion, Artificial Superintelligence Alliance (FET) at $3.4 billion and Bittensor (TAO) at $2.8 billion.
Related: SingularityNET announces ASI token merger dates for FET, AGIX, OCEAN
Market volatility negatively impacted investors’ sentiment during this time, as the Crypto Fear & Greed Index by Alternative.me reached “extreme fear” levels.
AI tokens surge amid improved investors’ sentiment
However, the sentiment returned to “neutral” as markets began recovering and crypto investors sought to recoup losses.
Crypto market sentiment analysis. Source: Alternative.me
The Fear & Greed Index aims to measure the emotions of crypto investors and can now serve as a useful indicator for making investment decisions.
Onchain analytics platform Lookonchain observed the big gains and noted strange whale transaction behavior in FET in an Aug. 26 X post.
It noted that a whale “seemed to regret selling” at a lower price before spending $2.38 million Tether (USDT) to repurchase 1.79 million FET tokens from Binance at a higher price of $1.33 on Aug. 25.
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