Summary
The “uptober” trend going around for a while seems questionable now as in just 3 days into October, the market for AI and big data-related cryptocurrencies took a major hit, losing $4.69 billion.
The “uptober” word was circulating around a lot, suggesting that October was the month for an increase in AI tokens but instead the first three days show a huge loss of $4.68B. Over just three days the market capital has fallen from $38.82 billion to $34.13 billion. A major AI token, Near Protocol (NEAR) suffered the most as its value lost 14.88% over the past seven days. Bittensor (TAO), another big name in the AI market has also by 9.37%, bringing its price to $492.62. Similarly, Internet Computer (ICP) and Render (RNDR) have also dropped by over 13% contributing to the overall market decline.
Even with such huge losses, the situation still remains pretty good considering how bad it had become in the summer months. The tokens are still $13 billion higher than in summer. This perspective suggests that this recent downturn is just a short-term volatility, the long-term trend remains more optimistic.
