Render

Internet Computer

AI Crypto

Billion

<p>The cryptocurrency world just faced a shock. Over three days, AI and big data-related tokens saw their market cap shrink by $4.69 billion. What was once worth $38.82 billion on September 30 dropped to $34.13 billion by October 3. This sharp decline has raised concerns, especially since investors were expecting a positive “UPtober.” Historically, October has been a strong month for the crypto market, but 2024 is not following that trend.</p>  
<h2 class="wp-block-heading" id="h-near-protocol-takes-the-biggest-hit">Near Protocol Takes the Biggest Hit</h2>  
<p>Near Protocol was the one to see the steepest drop among the leading aI tokens. In the last seven days it lost 17.87% of its value and came down to $4.559.</p>  
<figure class="wp-block-image size-large is-resized"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/03172558/Near-1024x467.png" alt="fall of Near Tokens" class="wp-image-359537" style="width: 100%;height:auto">
</figure>  
<p>Along with this, other AI tokens like Bitensor and Internet Computer also lost 9.37% and 13.35% respectively. There were times when Bitcoin along with alts were down but the AI tokens were thriving, but now these tokens have also joined their gang.</p>  
<h2 class="wp-block-heading" id="h-broader-market-feeling-the-pressure">Broader Market Feeling the Pressure</h2>  
<p>It’s not just the AI and big data sector that’s feeling the heat. Render and Artificial SuperIntelligence Alliance (FET) also witnessed big losses, dropping by 13.645 and 16.68% respectively. The crypto community has been waiting for bearish September to end to enjoy a rally however, October dashed their hopes. Instead of charts filled with full greens, investors are praying for this bleeding to stop now.</p>  
<h2 class="wp-block-heading" id="h-what-s-behind-the-sudden-drop">What’s Behind the Sudden Drop?</h2>  
<p>There are multiple market and non-market factors that are responsible for this sudden crash. Tension in the Middle-East has rattled global markets. Regulatory challenges and other macroeconomic concerns are adding to this uncertainty.&nbsp; However, it’s important to note that AI tokens are still doing better than they were in July when the total market cap was around $20 billion. Despite this recent $5 billion loss, the AI and big data token market has gained over $13 billion in the past three months. So while the current drop is unsettling, it doesn’t erase the significant progress made in recent months.</p>  
<p>Looking forward, while the long-term outlook for Bitcoin and the broader crypto market in late 2024 and early 2025 remains positive, there could still be short-term volatility, especially throughout October. Investors are watching closely, hoping that the market can recover before year-end.</p>  
<p><strong>Also Read : <a href="https://coinpedia.org/price-analysis/bitcoin-might-slip-down-to-53000-here-is-what-you-must-know/" rel="noopener noreferrer nofollow">Is Bitcoin Going Towards $53,000 ?</a></strong></p>

AI Crypto Tokens Crash! $4.69 Billion Wiped Out in Just 3 Days—Is “UPtober” Over?

Table of Contents

CoinPedia News

Other articles published on Oct 3, 2024

Pepe October Solana Memecoin Will Rally 19,000% Before Exchange Listing, While Shiba Inu and Doge...

Aptos Shows Strong Momentum Despite Bearish Market—Here Is Why

Funtico Launches Telegram Entertainment Hub, Introducing ‘Lucky Funatic’ Tap2Earn Game

Trader Turns $368 Into $2 Million in Just 3 Days With HIPPO Memecoin

Grayscale Launches Aave Trust to Attract More Investors

Bitcoin Price Prediction for October 2024: Miners Signal Recovery – Here’s Why

Join our free newsletter for daily crypto updates!