AI tokens gained $13b thanks to the US election hype

Crypto assets related to artificial intelligence and big data platforms have recorded impressive gains over the past two weeks.

According to data provided by CoinMarketCap, the market cap of AI tokens has increased by $13.2 billion since November 5, reaching $42 billion.

Artificial intelligence and big data tokens | Source: CoinMarketCap

While leading tokens in this sector posted impressive gains in the first week of the US elections, the recent rally was largely driven by small-cap AI-related crypto assets, according to CMC data.

However, there has been a decline in the daily trading volumes of these tokens over the last seven days; During the reporting period, it fell from $8.9 billion on November 13 to $5.4 billion.

If the broader crypto market sees another wave of strong bullish momentum, AI-related altcoins are likely to reach the record market cap of $45 billion seen in mid-March.

AI-related token, NEAR Protocol (NEAR), is consolidating below the $6 level with a market cap of $7 billion.

Marketwide rally

Artificial intelligence isn’t the only industry profiting from Donald Trump’s victory in the US presidential election. Investors have shown impressive interest in meme coins as the broader crypto market recovers.

Some traders made millions of dollars in just a few days from Solana-based meme coins.

Bitcoin (BTC) surpassed $93,000 for the first time, while the global crypto market cap hit an all-time high of $3.2 trillion.

At this point, financial markets are showing signs of cooling as the election excitement in the US slowly fades. However, a major macro catalyst could potentially push the crypto market higher, as many expect the BTC price to reach $100,000 before 2025.