The global crypto market cap has slipped below $2 trillion. It is down by 4.18% and is around $1.99 trillion with an FGI of 34 points. The decline in Nvidia’s market value and share prices are being linked to this trend. The AI giant reportedly failed to achieve the target in its latest financials.
Source: CoinMarketCap
Nvidia’s market value has lost approximately $279 billion, and shares fell 9.5%. This brings up one important question: What is the road ahead for the AI segment? The AI industry has a future in itself; however, it is possible that the current scope was overestimated, or rather investments were made more positively.
Bitcoin and Ethereum Lose Momentum to Rebound
BTC is down by 4.25% in the last 24 hours and is exchanging hands at $56,605.56. The net outflow from Spot Bitcoin ETFs further impacts the flagship cryptocurrency. The negatives stand at $287.8 million as of September 3, 2024. BlackRock didn’t report its numbers, but others did. Every issuer shed weight to the best of its ability, and this is bad considering the last week saw 4 out of 5 days of net outflows. BTC price outlook is becoming increasingly uncertain given the current trends.
During the same time period, ETH dropped by 5.90% and was last trading at $2,366.75. Ethereum is close to joining the Ripple ecosystem. Ripple recently expressed interest in adding Ethereum-compatible smart contracts to its native ledger. This will help the XRP Ledger venture beyond the boundaries of basic transactions.
Meme Coins plummet
Dogecoin and Shiba Inu are down by 4% and 4.45% in the last 24 hours, respectively. Their token values are $0.09551 and $0.00001307, applicable in the same order. Two key developments have happened in the meme coin segment. One, Pump.fun is on the way to becoming the fastest-growing crypto application in the history of the industry. Two, BaseDawgz’s ICO is set to end its final week in the coming days.
If developments continue, a trend reversal is likely. The decline in popularity of top meme coins has had a significant impact on the market, causing all other tokens to lose their value. This includes PEPE and FLOKI, which are down by 7.23% and 3.62%, respectively, in a single day.
Other Gainers and Losers
SOL has suffered the most, as the token has dropped by 5.82% in the last 24 hours. Solana’s token is still poised to rise from $127.42 to $150 and eventually breach the mark of $200 by the end of this year. However, a revised target of $170-$180 is now also in sight. BNB has a similar goal of reaching $600 from $512.68 by year-end.
In the top 100 cryptos of the meme coin market, BRETT and DOGS are the biggest losers. BRETT is down by 9.56%, and DOGS has plummeted by 10.90% in the last 24 hours. Their token values are $0.06853 and $0.001007, in the same order. PEPE stands strong as the only frog-themed meme coin to contest against dog-themed tokens.
Conclusion
Nvidia has sparked a decline in the crypto market. All major tokens are down, including BTC, ETH, SHIB, and DOGE, among others. It remains to be seen when and how the trend reversal will enter price charts.
Disclaimer: All values were true at the time this article was written. This content is only for reference and should not be considered investment advice or recommendation.