Nvidia Market Value Decline Impacts the Crypto Market. BTC and ETH Lose Momentum to Rebound

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 global crypto market cap fell below $2 trillion on Monday, as the market continued to struggle amid a broader decline in tech stocks and worsening macroeconomic conditions.

According to CoinMarketCap, the crypto market cap now stands at $1.99 trillion, down by 4.18% in the last 24 hours. The FGI also slipped to 34 points. This decline comes as Nvidia's market value dropped by approximately $279 billion, with shares falling by 9.5%.

The AI giant also reportedly failed to achieve the target in its latest financials. This raises questions about the future of the AI segment, especially considering the possibility that the current scope was overestimated or that 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 negatives from Spot Bitcoin ETFs are further impacting 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.

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, as the latter recently expressed interest in adding Ethereum-compatible smart contracts to its native ledger.

This move 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 suffered the most as the token 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.

Similarly, BNB aims to reach $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 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 sparked a decline in the crypto market, impacting all major tokens like BTC, ETH, SHIB, DOGE and others. It remains to be seen when and how the trend reversal will enter price charts.

All values were correct at the time this article was written. The content is purely informative and does not constitute an investment recommendation.

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