Artificial Superintelligence Alliance

Render

SingularityNET

Internet Computer

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 market, which stood at $38.82 billion on Sept. 30, fell to $34.13 billion by Oct. 3, raising questions about the anticipated “UPtober” trend that investors hoped would bring a market recovery.
Despite October’s historical trend of being a favorable month for traders, this year is shaping up to be “Octo-bear” rather than “UPtober.”
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 <img alt="AI tokens lose $4.69B market cap in 3 days — When ‘UPtober?’" name="" src="https://s3.cointelegraph.com/uploads/2024-10/019251ab-7a3f-7e1f-914f-9e05f4d8b58e">
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 Chart depicting market cap and volume of AI and big-data tokens. Source: CoinMarketCap
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Related: <a data-ct-non-breakable="null" href="http://s/openai-raises-6-6-billion-157-billion-valuation" rel="null" target="null" text="null" title="null">OpenAI raises an additional $6.6B at a $157B valuation</a>
<h2 id="ai-and-big-data-tokens-underwater">AI and big data tokens underwater</h2>
Among the leading AI and big data tokens, Near Protocol (<a data-ct-non-breakable="null" href="https://cointelegraph.com/near-protocol-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/near-protocol-price-index">NEAR</a>) had the steepest decline, with a 14.88% decrease over the past seven days. At the time of writing, the token was priced at $4.61.
Other top-performing tokens, like Bitensor (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bittensor-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/bittensor-price-index">TAO</a>) and Internet Computer (<a data-ct-non-breakable="null" href="https://cointelegraph.com/internet-computer-icp-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/internet-computer-icp-price-index">ICP</a>), also experienced substantial price declines, shedding 9.37% and 13.35%, respectively, over the same period.
This trend has affected the broader AI and big data market, with tokens like Render (<a data-ct-non-breakable="null" href="https://cointelegraph.com/render-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/render-price-index">RNDR</a>) down 13.64% and Artificial Superintelligence Alliance (<a data-ct-non-breakable="null" href="https://cointelegraph.com/fetch-ai-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/fetch-ai-price-index">FET</a>) down 16.68%.
<figure>
 <img alt="AI tokens lose $4.69B market cap in 3 days — When ‘UPtober?’" name="" src="https://s3.cointelegraph.com/uploads/2024-10/019251ac-7285-7885-93d1-10d72e5d9097">
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 Top coin performance of AI and big-data tokens. Source: CoinMarketCap
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ai-can-save-humanity-but-only-if-the-people-control-it-ben-goertzel" rel="null" target="null" text="null" title="null">AI will save us all, but only if it’s decentralized — SingularityNET CEO</a>
<h2 id="uptober-fails-to-deliver">UPtober fails to deliver</h2>
Historically, October has been a period of solid gains and market stability, with many expecting Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) and altcoins to see upward momentum throughout the month.
However, 2024 has defied that trend, with almost $5 billion 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, including the ongoing conflict in the Middle East, regulatory challenges and macroeconomic concerns.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/apple-google-ai-dominance-cathie-wood-ark" rel="null" target="null" text="null" title="null">Apple, Google will use AI to maintain dominance — Cathie Wood’s ARK Invest</a>
<h2 id="it-s-not-so-bad-after-all">It’s not so bad after all</h2>
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, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-62k-bearish-div-slow-start-uptober" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-62k-bearish-div-slow-start-uptober">recent signs indicate there could be</a> some short-term volatility in October.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="null" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>

AI tokens lose $4.69B market cap in 3 days — When ‘UPtober?’

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Cointelegraph

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