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Cryptocurrency News Articles
AI and Big Data Tokens Shed $4.69B in Market Cap Over 3 Days, Derailing Anticipated 'UPtober' Trend
Oct 03, 2024 at 05:23 pm
The cryptocurrency market experienced a sharp downturn as artificial intelligence and big data-related tokens shed $4.69 billion in market capitalization over three days.
The cryptocurrency market began October in the red as several artificial intelligence (AI) and big data tokens lost a collective $4.69 billion in market capitalization over three days.
This downturn comes as investors hoped for a “UPtober” trend, where markets typically see an uptick in value. However, this October is instead showing signs of being “Octo-bear” rather than “UPtober.”
Chart showing the market capitalization and volume of AI and big-data tokens. Source: CoinMarketCap
AI and big data tokens under water
Of the top AI and big data tokens, Near Protocol (NEAR) saw the steepest decline with a 14.88% decrease over the past seven days. At the time of writing, NEAR was trading at $4.61.
Other top-performing tokens, such as Bitensor (TAO) and Internet Computer (ICP), also experienced significant price decreases, shedding 9.37% and 13.35%, respectively, over the same period.
This trend impacted the broader AI and big data market, with tokens such as Render (RNDR) down 13.64% and Artificial Superintelligence Alliance (FET) down 16.68%.
Top coin performance of AI and big-data tokens. Source: CoinMarketCap
UPtober fails to deliver
October has typically seen solid gains and market stability, with many expecting Bitcoin (BTC) and altcoins to see upward momentum throughout the month.
However, 2024 has defied that trend, with almost $5 billion being wiped from the AI and big data token market cap just three days into October.
The broader crypto market has also seen a downward trend, driven by geopolitical factors such as the ongoing conflict in the Middle East, regulatory challenges and macroeconomic concerns.
It’s not so bad after all
Despite the downturn, AI tokens are still performing significantly better than in July, when the total market cap was around $20 billion.
Considering the shift in pace from three months ago, the AI and big data token market is up more than $13 billion, essentially trivializing the October loss in market cap.
While the long-term trend for BTC in the fourth quarter and early 2025 seems optimistic, recent signs indicate there could be some short-term volatility in October.
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