Big Data and AI Tokens Gain Momentum as Investors Shift Focus to Altcoins
Investors in the crypto market are showing a growing interest in big data and artificial intelligence (AI) tokens. These altcoins have experienced significant growth, outperforming other cryptocurrencies in terms of price appreciation. According to CoinMarketCap (CMC), the top five gainers among the leading 100 cryptocurrencies belong to the big data and AI category, with double-digit growth rates.
Leading Gainers in the Big Data and AI Category
- Fetch.ai (FET): The token has witnessed a 38.26% increase in value over the past 24 hours, reaching a trading price of $2.74. With a market cap of $2.28 billion, Fetch.ai currently holds the 50th position among digital currencies.
- Render (RNDR): This token has seen a substantial gain of 37% in just one day, trading at $10.04 at present.
- Near Protocol (NEAR): NEAR’s native token has experienced a rise of 35.37% in the past 24 hours and is currently being traded at $5.73.
- SingularityNET (AGIX): With a surge of 25.91% over the past day, AGIX secures the fourth spot on the list, priced at $1.15 per token.
- Akash Network (AKT): AKT has achieved a gain of 17.22% within a span of 24 hours, currently being traded at $5.26 and boasting a total market cap of $1.2 billion.
The rise in prices for AI tokens indicates a shift in investor focus towards altcoins. The market capitalization of big data and AI cryptocurrencies has increased by 15.5%, reaching $37.36 billion. In contrast, the overall global crypto market cap rose by only 0.6% in the past 24 hours and currently stands at $2.5 trillion, as reported by CMC.
Bitcoin Dominance Declines as Altcoin Accumulation Grows
Interestingly, Bitcoin’s dominance in the crypto market has witnessed a decline from 50.1% to 49.7% within a day. This suggests that investors are now diversifying their portfolios by accumulating more altcoins instead of solely relying on the flagship digital currency.
This shift in investor sentiment can be attributed to various factors:
- Increased awareness of the potential applications of big data and AI technologies.
- The anticipation of significant advancements in these fields, leading to higher demand for related tokens.
- The perception that AI-based projects have a greater chance of disrupting traditional industries and generating substantial returns.
Hot Take: The Rise of Big Data and AI Tokens Signals a Changing Crypto Landscape
The surge in prices for big data and AI tokens indicates a growing interest among investors in alternative cryptocurrencies. This trend reflects a changing landscape in the crypto market, where investors are actively seeking opportunities beyond Bitcoin and other established digital currencies.
Here are some key takeaways:
- Big data and AI tokens are outperforming other cryptocurrencies in terms of price appreciation.
- The market capitalization of big data and AI cryptos has experienced significant growth, reaching $37.36 billion.
- Bitcoin’s dominance has declined as investors diversify their portfolios with altcoins.
As the crypto market continues to evolve, it is essential for investors to stay informed about emerging trends and opportunities. Exploring the potential of big data and AI tokens could be a worthwhile strategy for those looking to capitalize on the changing dynamics of the digital asset space.
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