- Nvidia surpasses Apple reaching $3.43 trillion in market cap.
- AI themed coins have surged by double digits in response to Nvidia’s milestone.
As a seasoned crypto investor with a knack for spotting trends and a penchant for AI-related technologies, I must admit that the recent market developments have left me quite intrigued. The meteoric rise of Nvidia, surpassing Apple to become the most valuable company in the world, is nothing short of spectacular. This milestone, achieved amidst a backdrop of AI’s increasing adoption and demand, is a testament to the potential that lies within this sector.
Over the past day, finance markets including crypto have experienced massive gains. With Bitcoin [BTC] hitting a new ATH of $74k, AI-related businesses have also surged to a historical record.
As more and more businesses adopt and seek out Artificial Intelligence (AI) solutions, companies specializing in AI, such as Nvidia, are seeing notable successes and disrupting established market dynamics.
In the midst of the AI boom, Nvidia has significantly outperformed other companies over the last year. Over this timeframe, Nvidia’s stock price skyrocketed by an impressive 205.81%, making it one of the highest-valued corporations globally.
Over the last 24 hours, Nvidia surged by 2.8%, reaching a staggering market value of $3.43 trillion, dethroning Apple as the globe’s most valuable corporation. This means Apple now holds the runner-up spot with a valuation of $3.38 trillion.
Just last month, Nvidia outpaced Microsoft, as reported by Google Finance. The firm’s shares have seen a staggering increase of 190.45% this year, making it the top gainer among tech titans such as Apple and Microsoft for the year 2024.
AI coins soar
Just as anticipated, the recent spike in Nvidia’s stock prices and market value has significantly influenced the performance of digital currencies with an AI focus.
To give you an example, digital currencies like Render and FET, which are directly linked to Nvidia, have seen substantial increases recently. Specifically, Render experienced a rise of 15.57% within a day, while FET climbed by 16.77% over the same timeframe.
As a researcher, I delved deeper into the AI coin market, and it’s fascinating to see some notable growth. Bittensor has taken the lead with an impressive 18% increase in its value over the past 24 hours. Similarly, Internet Computer (ICP) experienced a significant surge of 11.54%. The NEAR Protocol also showed a strong performance, rising by 14.74%, and Injective [INJ] followed suit with a remarkable 15.15% increase.
It’s clear that as Nvidia keeps growing, there’s a strong likelihood that confidence in AI-focused cryptocurrencies will follow suit. The AI sector’s influence on the crypto market has been evident over the last day, particularly when the entire market is experiencing growth.
In other words, since Nvidia is increasing in value, it’s likely that cryptocurrencies related to artificial intelligence will gain more interest from investors, given the current trend in the market.
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2024-11-06 17:11