AI-Related Cryptocurrency Prices Decline

The prices of major artificial intelligence-related cryptocurrencies have fallen in the past 24 hours, with the recently combined Artificial Superintelligence Alliance token leading the downturn. The price correction comes despite Nvidia stock gaining in pre-market trading ahead of the firm’s highly anticipated earnings report — due later today.

Major Tokens Performance

Leading tokens in the AI cryptocurrency space have declined over the past day:
– Near Protocol: Market cap of $5.5 billion, down 8%
– Internet Computer: Market cap of $3.8 billion, down 5%
– Artificial Superintelligence Alliance: Market cap of $3.4 billion, down 9%
– Bittensor: Market cap of $2.8 billion, down 8%

According to CoinGecko data, the AI token market cap now stands at $23.9 billion, a decrease of over 6% in the past 24 hours. This downturn reflects the broader cryptocurrency sector, with today’s global crypto market cap at $2.17 trillion, a 6.8% decrease in the same period.

Anticipation Builds Ahead of Nvidia Earnings Report

The decline in AI-related crypto tokens comes despite Nvidia stock gaining in pre-market trading, now up 0.52% at $128.97. All eyes are on the upcoming Nvidia earnings call, which is expected after the close of markets in New York on Wednesday.

Big tech companies like Nvidia have become increasingly influential, with a market capitalization around $3.2 trillion. A move in its share price can affect the broader market. Nvidia stock has increased by 159% since the beginning of the year and is up approximately 3000% since 2019.

“A strong earnings report from Nvidia could drive markets to new highs, while any signs of weakness might trigger a notable pullback, making Nvidia’s performance a potential market mover this week,” said FXTM Senior Market Analyst Lukman Otunuga. He added that significant challenges are on the horizon for the AI firm, including potential delays in its Blackwell chip, rising competition from AMD and Intel, and potential U.S. restrictions that could impact demand in China.