Artificial intelligence and big data cryptocurrency projects have experienced a notable 79.7% spike in market value over three weeks, signaling renewed optimism among crypto investors. On August 6, the market value of these tokens plummeted to an annual low of $18.21 billion, primarily due to the poor performance of Bitcoin and the broader crypto market.
What’s Driving the Increase in AI and Big Data?
During this time, TradingView data indicated that Bitcoin’s price dropped sharply below $50,000. According to CoinMarketCap, the AI and big data token ecosystem reacted to Bitcoin’s price recovery, and its market value surged past $38 billion by August 25. As of August 27, leading tokens by market value include Near Protocol at $5.5 billion, Internet Computer at $3.8 billion, Artificial Superintelligence Alliance (FET) at $3.4 billion, and Bittensor (TAO) at $2.8 billion. Access NEWSLINKER to get the latest technology news.
How is Market Volatility Impacting Investors?
Market volatility has negatively affected investor sentiment, pushing the Alternative.me Fear and Greed Index to extreme fear levels. This scenario could expose many investors to selling pressure and potential substantial losses. Nvidia’s financial report, due on August 28, might significantly influence investor sentiment during this period.
Key Takeaways for Investors
– Monitor market sentiment using the Fear and Greed Index.
– Pay attention to Bitcoin price movements as they influence AI and big data tokens.
– Watch for significant financial reports, like Nvidia’s, which can impact crypto markets.
– Observe whale transaction behaviors, as they may indicate market trends.
As markets started to recover, crypto investors sought to regain losses, with sentiment turning neutral. The Fear and Greed Index, designed to gauge investor emotions, now serves as a valuable indicator for decision-making. On August 26, Lookonchain’s data highlighted significant gains in FET and unusual whale transactions. Notably, a whale repurchased 1.79 million FET tokens at a higher price after regretting an earlier sale.
As investors navigate market fluctuations, these observations and tools offer concrete insights for making informed decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/ai-and-big-data-tokens-surge-by-79-7-in-market-value