Nvidia, a prominent player in the tech industry, has seen a substantial decrease in its stock value over the past few days. This decline has resulted in a significant loss of market capitalization, dropping by 13% from its peak and shedding over $430 billion. Despite this downturn, the world of AI crypto tokens tells a different story, with many experiencing notable surges in the last 24 hours.
Investors and crypto traders keep a close eye on Nvidia as an important indicator for the AI cryptocurrency market. While there have been instances where Nvidia’s performance influenced the AI token market, the latest assessment shows a divergence in trends. Nvidia’s stock price has fallen by 11.16% over the past five trading days, currently sitting at $118.11 according to Google Finance.
Monday marked one of the steepest drops for Nvidia this year, with a 6.7% decrease in its stock value. Despite this recent decline, Nvidia’s overall value has nearly tripled in the last year, surpassing giants like Apple and Microsoft to become the most valuable U.S. company. However, recent data reveals that Nvidia’s market cap has taken a hit, dropping by $430 billion to $2.9 trillion.
On the other hand, AI crypto tokens have been on the rise despite Nvidia’s struggles. The AI market cap stands at slightly over $29 billion, showing an 8.7% increase in the last 24 hours. Tokens like Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph have seen significant gains ranging from 3% to 25%. Notable performers include Nosana and Commune AI, with a 37% and 35% increase, respectively.
While Nvidia’s stock decline raised some concerns, particularly around executives selling substantial amounts of shares, analysts like Oguz O believe that most of these sales were pre-planned and not cause for alarm. Despite these developments, the AI token market continues to show resilience and growth, attracting interest from investors and traders alike.