Amidst a bullish market sentiment, there has been a notable surge in the popularity of altcoins, particularly those related to big data and artificial intelligence (AI). According to data sourced from CoinMarketCap (CMC), among the top 100 cryptocurrencies, the most significant gains have been observed in the big data and AI category, with several tokens experiencing double-digit growth.
Fetch.ai (FET) has emerged as the top performer, exhibiting a remarkable 38.26% increase in value over the past 24 hours, currently trading at $2.74. With a market capitalization of $2.28 billion, FET has positioned itself as the 50th largest digital currency in the market.
Similarly, Render (RNDR) has recorded a substantial 37% growth in value, now trading at $10.04. Near Protocol’s native token, NEAR, has also seen a significant rise of 35.37%, presently valued at $5.73.
SingularityNET (AGIX) has secured the fourth position among the gainers, showing a notable surge of 25.91%, currently priced at $1.15.
Additionally, the native token of the Akash Network, AKT, has seen a noteworthy increase of 17.22% over the past 24 hours, currently trading at $5.26, with a total market capitalization of $1.2 billion.
The surge in prices of AI-related tokens reflects a broader trend of investors shifting their focus towards altcoins. Notably, big data and AI cryptocurrencies have collectively witnessed a 15.5% increase in total market capitalization, reaching $37.36 billion.
Despite this surge in altcoin popularity, the overall global cryptocurrency market capitalization has increased by 0.6% over the past 24 hours, reaching $2.5 trillion, according to CMC data.
Furthermore, there has been a slight decline in Bitcoin’s dominance, dropping from 50.1% to 49.7% within the same period, indicating a growing preference among investors for alternative digital assets over the flagship cryptocurrency.