In a surprising turn of events, the crypto market witnessed a remarkable surge this week, with cryptocurrencies centered around artificial intelligence and big data taking the lead.
Notable players in the AI domain, including Injective (INJ) with a staggering 56% increase, Render (RNDR) soaring by 30%, Fetch AI (FET) surging by 64.4% and Ocean Protocol's OCEAN spiking by 32.1%, demonstrated unprecedented growth. This sudden uptick marks the second major boom in the AI crypto sector this year, the first of which occurred in January 2023.
The driving force behind this exceptional momentum is not a mystery. Just days ago, Google made headlines by investing a substantial $2 billion in Anthropic, an AI startup. This move followed Amazon's own significant investment of $4 billion in the same company.
Earlier in the year, Microsoft had set the stage by injecting $10 billion into OpenAI, the entity behind the creation of ChatGPT, triggering an initial boom in the AI crypto segment.
Ripple effect in AI
The recurring theme here is clear: When tech giants like Google, Amazon and Microsoft invest in AI startups, it sends shockwaves through the crypto space. This trend, coupled with the recent crypto market rally, notably Bitcoin's rapid climb from $27,000 to $36,000, created the perfect storm for AI-focused tokens, propelling them to unprecedented heights.
Currently, the combined market capitalization of AI and big data-related tokens stands at an impressive $6.27 billion, according to CoinMarketCap. Speculation looms over whether this figure represents the peak or if there is still untapped potential waiting to be realized.
One thing is certain: AI's dominance in both tech and finance is far from over. As these developments continue to unfold, it is a trend that demands close attention, promising exciting opportunities and innovation on the horizon.