As a long-term crypto investor with a keen interest in AI technologies and their associated tokens, I’ve learned to keep an eye on significant developments in both traditional markets and the crypto sphere. The recent downturn in Nvidia’s stock price, resulting in a substantial loss of market capitalization, is undoubtedly a cause for concern for many investors, myself included. However, it’s important to remember that correlation does not always imply causation.
Over the past three business days, Nvidia’s share value has seen a significant downturn, leading to a loss of approximately $430 billion in market worth and a 13% decrease from its previous highest point.
Despite this downturn, popular AI crypto tokens have shown significant surges in the last 24 hours.
AI Tokens Rally as NVDA Plunges
Crypto investors keep a close eye on Nvidia’s performance as a significant signpost for the artificial intelligence (AI) cryptocurrency sector. At times, the stock market and crypto markets have shown alignment, like during Nvidia’s Q4 2023 earnings announcement. However, this connection did not materialize in the most recent analysis.
Over the last five business days, Nvidia’s share price has dropped by 11.16%, now priced at $118.11 based on information from Google Finance.
On Monday, Nvidia experienced one of its second largest price drops in 2022, with its stock plummeting 6.7%. Contrary to this latest setback, the tech giant had seen its value almost triple over the preceding twelve months. As recently as last week, Nvidia claimed the title of the most valuable US corporation, surpassing Apple and Microsoft. However, data from Ycharts reveals that Nvidia’s market capitalization has plunged by $430 billion, dropping from a staggering $3.3 trillion to $2.9 trillion, consequently losing its top spot.
In contrast to Nvidia, a prominent name in Artificial Intelligence technology, witnessing a significant drop in its share prices, the value of crypto AI tokens has been climbing steadily during the past few hours. The total market capitalization for Artificial Intelligence currently hovers around $29 billion, signifying an approximately 8.7% rise within the previous 24-hour period.
As a researcher studying the cryptocurrency market, I’ve observed noteworthy growth in several projects, including Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph. These emerging technologies have reported impressive returns varying between 3% and 25%.
As a crypto investor, I’ve noticed that during the given timeframe, two noteworthy projects stood out with significant price surges. Nosana and Commune AI witnessed impressive gains of 37% and 35%, respectively, regardless of their mid-to-low market capitalizations.
No Negative News
Despite no major negative news or catalysts causing a dip in Nvidia’s stock, there were growing worries after company leaders, including President Jensen Huang, sold large quantities of their shares recently.
Beginning on June 13, Huang has sold off approximately $79.38 million in Nvidia shares, according to a Securities and Exchange Commission (SEC) filing disclosed on June 21. This transaction has garnered considerable notice.
As a crypto investor following the tech industry closely, I’ve come across some concerning news regarding Nvidia. Global Market Insider brought my attention to an alarming trend: Nvidia executives have been selling their shares at an unprecedented rate. In fact, collectively, they’ve offloaded over $796 million worth of shares this year, according to Barchart. This massive sell-off might be a red flag for potential investors like me, indicating that the insiders hold bearish views on the company’s future performance. It’s essential to keep a close eye on such developments and consider their implications when making investment decisions.
Nvidia $NVDA insiders have now cashed out for more than $796 million this year
— Barchart (@Barchart) June 24, 2024
As a crypto investor, I’ve come across some analysts who have expressed skepticism about certain market fluctuations, with Oguz O being one of them. However, his take is that “many of these price movements are premeditated and don’t rattle me.” In simpler terms, he believes the sales were expected and therefore not cause for alarm.
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2024-06-26 00:42