{"id":142196,"date":"2023-09-01T20:06:32","date_gmt":"2023-09-01T14:36:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=142196"},"modified":"2023-09-01T20:06:32","modified_gmt":"2023-09-01T14:36:32","slug":"nvidia-market-cap-overtakes-crypto-as-tokens-dip-and-ai-booms-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nvidia-market-cap-overtakes-crypto-as-tokens-dip-and-ai-booms-crypto-news\/","title":{"rendered":"Nvidia Market Cap Overtakes Crypto as Tokens Dip and AI Booms – Crypto News"},"content":{"rendered":"
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Nvidia’s $1.18 trillion market capitalization overtook the entire crypto market this week, as shares in Wall Street\u2019s AI-darling climbed to an all-time high.<\/span><\/p>\n

The chipmaker\u2019s stock hit $502 on Thursday after Nvidia <\/span>reported<\/span><\/a> $6.2 billion in net profit on $13.5 billion in total revenue for its second fiscal quarter\u2014double compared to the same period a year ago\u2014and surpassing analyst expectations.<\/span><\/p>\n

The company is currently the sixth largest among publicly traded firms, towering over Elon Musk\u2019s Tesla or Mark Zuckerberg\u2019s Facebook. Meanwhile, the crypto market was valued at $1.09 trillion across more than 10,000 coins tracked by <\/span>CoinGecko<\/span><\/a>.<\/span><\/p>\n

\u201cNvidia stock price speaks to the fact that they are a leader in producing hardware for AI,\u201d 3iQ head of research Mark Connors told <\/span>Decrypt<\/span><\/i>. \u201cAs it relates to crypto, it shows how early we are.\u201d<\/span><\/p>\n

As crypto continues to find its footing after tough sledding last year, where token prices dipped and several firms collapsed amid the chills of crypto winter, OpenAI\u2019s release of ChatGBT has turned AI technology into a hot commodity.\u00a0<\/span><\/p>\n

\u201cCompanies worldwide are transitioning from general-purpose to accelerated computing and generative AI,\u201d Nvidia founder and CEO Jensen Huang said in a statement on Wednesday. \u201cA new computing era has begun.\u201d<\/span><\/p>\n

ChatGPT\u2019s easy-to-use interface makes AI technology as accessible as typing into a chat box. It stands in stark contrast to search engines like Google and the steep learning curve in crypto, Connors noted.<\/span><\/p>\n

\u201cWill Ethereum become a verb like Google?\u201d Connors said. \u201cNot in the next year or two.\u201d<\/span><\/p>\n

Nvidia’s strong fiscal quarter was fueled by 141% sequential growth in its data center segment, where the chipmaker produces GPUs for high-performance computing and cloud applications. The segment took in a record $10.3 billion in revenue alone.<\/span><\/p>\n

The chipmaker\u2019s surging stock price is a direct result of growing revenue expectations, and crypto needs to embrace use cases like tokenization in order to attain similar results, Lumida Wealth Management CEO Ram Ahluwalia told <\/span>Decrypt<\/span><\/i>.<\/span><\/p>\n

\u201cThere’s a rational basis for Nvidia’s price increase that has to do with revenue, and tokenization enables digital assets to generate a yield or greater participation from investors,\u201d he said. \u201cThe more crypto can embrace tokenization and bringing real-world assets on-chain, […] the better the price trajectory will be for digital assets.\u201d<\/span><\/p>\n

Ahluwalia added that crypto and Nvidia aren\u2019t necessarily in competition with each other, and investment opportunities in AI don\u2019t take away from the value of crypto. But in order for the industry to catch up, securities laws need to be adapted.<\/span><\/p>\n

\u201cThe most exciting opportunities in tokenization would trigger a securities laws violation,\u201d he said. \u201cReally unlocking token economics, which gives you value and price appreciation, is updating securities laws and having that direct conversation with Congress and the SEC.\u201d<\/span><\/p>\n

Nvidia’s flip follows a flash crash last Friday<\/a> that erased $84 billion in crypto market cap. Bitcoin sunk 6% over the course of two hours to around $26,250, while altcoins like Ripple (XRP) slipped 17% to $0.47 during that span, according to CoinGecko.<\/span><\/p>\n

The drop was attributed to reports Elon Musk\u2019s SpaceX sold an unspecified amount of Bitcoin and macro jitters after China\u2019s Evergrande, one of the country\u2019s largest property developers, filed for Chapter 15 bankruptcy.<\/span><\/p>\n

Still, crypto\u2019s market cap has recovered since it slipped as low as $826 million last December, not long after the collapse of crypto exchange FTX. And year-to-date, Bitcoin has grown over 50% from around $16,600 in January.<\/span><\/p>\n

Compared to Nvidia, the best-performing name in the S&P 500 so far this year, Bitcoin\u2019s gains appear tepid. When shares in the chipmaker touched an all-time high on Thursday, they were up more than 250% from $143 at the beginning of January.<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nvidia’s $1.18 trillion market capitalization overtook the entire crypto market this week, as shares in Wall Street\u2019s AI-darling climbed to an all-time high. The chipmaker\u2019s stock hit $502 on Thursday after Nvidia reported $6.2 billion in net profit on $13.5 billion in total revenue for its second fiscal quarter\u2014double compared to the same period a […]<\/p>\n","protected":false},"author":2,"featured_media":142197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142196"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142196\/revisions"}],"predecessor-version":[{"id":146717,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142196\/revisions\/146717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142197"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}