Originally published on: October 03, 2024
The world of cryptocurrency recently experienced a significant downturn, with artificial intelligence and big data-related tokens losing a staggering $4.69 billion in market capitalization in just three days.
On September 30, the market was valued at $38.82 billion, but by October 3, it had plummeted to $34.13 billion. This decline has raised concerns among investors who were hopeful for an “UPtober” trend that would lead to a market recovery.
Despite October’s historical reputation as a favorable month for traders, this year seems to be shaping up as an “Octo-bear” rather than the anticipated “UPtober.”
Leading the pack in terms of losses is Near Protocol (NEAR), which saw a sharp decline of 14.88% over the past week, with the token’s price currently standing at $4.61.
Other prominent tokens, such as Bitensor (TAO) and Internet Computer (ICP), also faced significant price drops, shedding 9.37% and 13.35%, respectively, over the same period.
This decline has had a ripple effect on other AI and big data tokens, including Render (RNDR) and Artificial Superintelligence Alliance (FET), which saw declines of 13.64% and 16.68%, respectively.
Despite the recent downturn, AI tokens are still performing better than they were in July, when the total market cap was a mere $20 billion.
Although this month’s losses seem significant, the AI and big data token market has actually seen a substantial increase of over $13 billion compared to three months ago, somewhat mitigating the impact of the recent decline.
While long-term prospects for Bitcoin and altcoins appear promising, recent indicators suggest that there may be some short-term volatility in store for October.
As the cryptocurrency market navigates through geopolitical tensions, regulatory challenges, and macroeconomic uncertainties, investors are cautiously observing the next moves in the AI token space.
In the midst of all the uncertainty, it’s clear that the world of cryptocurrencies is in for a rollercoaster ride, highlighting the unpredictable nature of this rapidly evolving market.
Amidst the chaos, one thing is certain – the world of AI tokens is a constant source of surprises and excitement, with the potential for both massive gains and heartbreaking losses.
So, buckle up, crypto enthusiasts, and get ready for the next thrilling chapter in the saga of AI tokens and their impact on the ever-volatile cryptocurrency market.
