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AI and Big Data crypto market sector grows over 300% in 2023

AI and Big Data crypto market sector grows over 300% in 2023

In the midst of a challenging cryptocurrency market, several sectors have exhibited remarkable growth in terms of market capitalization year-to-date (YTD). 

Notably, the artificial intelligence (AI) and Big Data sector stands out as one of the top 10 sectors experiencing significant market cap growth within the crypto space in 2023, based on the latest data shared with Finbold from leading crypto data platform CoinMarketCap in its CMC H1 2023 report on July 19. 

In particular, the VR/AR sector witnessed the largest climb, with a substantial market cap growth of 704% in the first half of 2023. Similarly, the AI & Big Data sector demonstrated impressive growth of 323%, positioning itself as a frontrunner in the market in second. 

AI & Big Data rank 2nd with a market cap of $4.6 billion. Source: CoinMarketCap

Moreover, bluechip decentralized finance (DeFi) projects and infrastructure have made a strong resurgence. Several sectors have emerged as frontrunners in terms of market cap growth. Lending & Borrowing recorded a remarkable growth of 149%, while Derivatives, Storage, and Interoperability showcased growth rates of 75%, 86%, and 58%, respectively. 

The Memes sector has proven to be the most active in terms of new listings, with over 260 new coins added YTD. AI & Big Data follows as the second most active sector, with 61 additional coins introduced. Notably, the DeFi sector ranks third with 47 new listings YTD, highlighting the ongoing innovation within the space.

Impact of OpenAI’s ChatGPT on AI Narrative

The AI & Big Data sector has emerged as a newcomer among the most-viewed sectors in 2023, primarily fueled by the launch of OpenAI’s ChatGPT. 

The introduction of ChatGPT has further propelled the AI narrative, with the introduction of this technology in Q1 2023 ignited a surge in interest and discussions around AI within the cryptocurrency market. 

June proved to be a significant month for AI & Big Data, as it experienced a substantial return in interest following a lull in February and March. SingularityNET (AGIX) and (FET) emerged as the most viewed tokens within the sector, bouncing back nearly 40% from the mid-June lows.

Interestingly, AI cryptocurrencies soared the last week after Elon Musk launched the ChatGPT rival, xAI.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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