Nvidia Overtakes Apple with $3.43 Trillion Market Cap, Surge in AI Crypto
Financial markets, including the cryptocurrency sector, witnessed substantial growth in the last 24 hours. Bitcoin’s [BTC] recent all-time high of $74k has not only boosted traditional cryptocurrencies but also fueled a surge in AI-focused enterprises to unprecedented levels.
The increasing integration and need for Artificial Intelligence (AI) technologies have propelled businesses centered around AI, like Nvidia, to remarkable heights, challenging the established norms.
During the past year, Nvidia’s performance has seen a remarkable upsurge. With a surge of 205.81%, Nvidia has emerged as one of the most valuable companies globally.
Recently, Nvidia outshined Apple as the leading company globally in terms of valuation, soaring by 2.8% to reach $3.43 trillion, leaving Apple behind at $3.38 trillion.
Notably, Nvidia’s ascendancy over Microsoft occurred just a month before this latest feat. According to Google Finance data, the company’s stocks have experienced a yearly surge of 190.45%, making it the top performer in 2024 compared to behemoths like Apple and Microsoft.
AI-Driven Cryptocurrencies Experience Surge
The significant rise in Nvidia’s stocks and market capitalization has directly impacted AI-focused cryptocurrencies.
AI-based coins like Render and FET, closely associated with Nvidia, demonstrated notable gains, with Render rising by 15.57% and FET spiking by 16.77% within a 24-hour window.
Beyond these, other AI cryptocurrencies have witnessed substantial growth, with Bittensor leading the pack with an 18% increase. Internet Computer [ICP] surged by 11.54%, NEAR Protocol [NEAR] saw a spike of 14.74%, while Injective [INJ] recorded a rise of 15.15% over the last 24 hours.
Undoubtedly, the soaring performance of Nvidia is directly influencing the AI-centric crypto market. The correlation is evident, as seen over the past day, where the prosperity of the AI segment significantly impacts the cryptocurrency environment, particularly amidst an overall market uptrend.
Therefore, with Nvidia’s continuous growth trajectory, AI-themed cryptocurrencies are poised to gain more investor trust as the market dynamics undergo a significant shift.