As the cryptocurrency market rebounds, AI and Big Data cryptocurrencies are experiencing a notable surge, as reported by market intelligence platform, Santiment.
What Happened: A post by Santiment on Thursday revealed that AI and Big Data cryptocurrencies are witnessing substantial gains in the ongoing market rebound. It said specifically, Robonomics.network XRT/USD has surged by 33%, Bridge Oracle BRG/USD by 21%, and Only1 LIKE/USD by 20%.
Santiment suggests that the advancements in AI technology are likely to benefit the projects on this watchlist. As the market continues to recover, these AI and Big Data crypto assets are expected to reap significant benefits.
The rise in these assets come on a day when Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD have traded mixed. While the apex cryptocurrency was seen trading in the green, Ethereum and Dogecoin were in the red at the time of writing.
Over a period of one week, Bitcoin has declined nearly 4%, while Ethereum and Dogecoin have lost 7.8% and 19.8% respectively.
Price Action: As of the time of writing, Robonomics.network (XRT), an Ethereum -based coin, is priced at $7.39, reflecting a decrease of 3.89% over the last 24 hours. Similarly, Bridge Oracle (BRG) is currently trading at $0.001227, showing an increase of 13.62% during the same period. Only1 (LIKE) is trading at $0.2238, experiencing a gain of 13.75% in the last 24 hours. Comparatively, within the broader crypto market, Bitcoin is priced at $68,534.75, demonstrating a rise of 3.45% over the last 24 hours, according to the data from Benzinga Pro.
Why It Matters: The cryptocurrency market has been experiencing significant fluctuations recently. Earlier this month, a veteran trader rated Bitcoin, Ethereum (ETH), and Solana (SOL) according to their comfort level and upside potential for bigger investments.
Meanwhile, Bitcoin's availability on major cryptocurrency exchanges has dwindled to its lowest point ever, according to data analysis firm CryptoQuant. This has been attributed to a supply squeeze, with exchange reserves at 18-month lows.
Furthermore, long-term Bitcoin holders are reportedly well into their distribution cycle, according to a report by on-chain analytics firm Glassnode. This comes alongside a 6% price increase in Shiba Inu (SHIB) and a 1,058% explosion in large holder net flow.
These market dynamics, coupled with the ongoing advancements in AI technology, are likely to continue influencing the performance of AI and Big Data cryptocurrencies.
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