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

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

AI tokens’ market cap increased by $13.2 billion since Nov. 5, reaching $42 billion, according to data provided by CoinMarketCap.

While the leading tokens in this sector saw impressive gains within the first week of the U.S. elections, the latest rally has been majorly brought by small-cap AI-related crypto assets, per CMC data. 

However, these tokens have been seeing a decline in their daily trading volume over the last seven days — falling from $8.9 billion on Nov. 13 to $5.4 billion at the reporting time.

If the broader crypto market sees another wave of strong bullish momentum, it’s likely that AI-related altcoins will reach their record $45 billion market cap, seen in mid-March.

The AI-related token, NEAR Protocol (NEAR), has been consolidating below the $6 mark with a $7 billion market cap. 

The market-wide rally

AI is not the only sector to profit from Donald Trump’s win in the U.S. presidential election. Investors showed an impressive interest in meme coins as the broader crypto market rallied. 

Some traders made millions of dollars off of Solana-based meme coins within days.

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

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