AI-Focused Cryptocurrencies Suffer Significant Losses Amid Nvidia's Bearish Slump

Over the past 24 hours, AI-focused cryptocurrencies, including Akash Network (AKT), FET, and RENDER, have suffered significant losses

Artificial Intelligence (AI)-focused cryptocurrencies, including Akash Network (AKT), Fetch (FET), and Render (RENDER), witnessed a substantial sell-off on Tuesday. This development comes as Nvidia Corporation (NASDAQ:NVDA) experiences a sharp decline in its stock price amid an investigation by the US Department of Justice (DOJ).

Over the past 24 hours, the price of AKT has dropped by 8.7%, moving from an intraday high of $2.4 to $2.21 at the time of writing. This decline comes as the token fiyatı reached a low of $2.18 during the same period.

Following a similar trend, FET also experienced a 6.8% decrease over the past 24 hours, trading at $10.9. The Artificial Superintelligence Alliance token began Monday at a high of $11.1, which eventually slid to $10.8.

Among other AI tokens, Render also saw a 4.15% sell-off in the last 24 hours, moving from an intraday high of $4.9 to $4.76 at the time of writing. The AI token reached a low of $4.74 during the same period.

Collectively, the market cap of all AI tokens decreased by over 6.9%, while the trading volume also dipped to $1 billion, based on real-time data.

It's crucial to note that Nvidia’s stock is down on the daily chart. However, the stock has seen an surge of over 118% in 2024. This surge has helped boost its market cap to over $2.65 trillion, ranking it as the world's third-largest company.

Moreover, analysts are expecting Nvidia to post revenue of $28.6 billion for the second quarter of this year. The company’s strong revenue performance and positive forward guidance could bode well for the AI crypto industry, potentially driving up prices for related assets.

This trend has been evident since the start of this year. As we covered in our earlier report, FET and RENDER both saw gains following Nvidia’s earnings reports in February and May. On the other hand, results falling below estimates have now triggered market corrections.

Both Akash Network and Render have also partnered with Nvidia, operating at the intersection of the blockchain and semiconductor industries. This collaboration enables the distribution of Graphics Processing Units (GPUs) that offer solutions on the blockchain networks.

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