The cryptocurrency market has continued to be weak recently , and Bitcoin has continued to decline. It once fell below the US$60,000 mark this morning (25th) and plummeted to US$58,402. It rebounded before the deadline and is now trading at US$61,091. The decline in the past 24 hours narrowed to 2%. However, the Altcoin sector, which has always followed the decline of Bitcoin, did not fall sharply when Bitcoin plummeted today, and some sectors even showed an upward trend.
Among the top ten tokens in the past, BTC had the largest decline in the past 24 hours, which is really rare. SOL rose 9%, TON rose 4.93%, and DOGE also rose 2.97%.
AI concept coins generally rise
In the Altcoin sector, AI concept coins perform particularly well. According to data from Coingecko, the overall increase in AI concept coins reached 9.1% in the past 24 hours. The top 100 AI concept coins by market value have all seen sharp increases in the past 24 hours:
- NEAR: at $5.6, up 7.7% in the past 24 hours
- FET: at $1.7, up 22.4% in the past 24 hours
- ICP: at $8.17, up 5.6% in the past 24 hours
- RNDR: quoted at $7.78, up 11.8% in the past 24 hours
- GRT: at $0.2236, up 10.3% in the past 24 hours
- TAO: at $283.32, up 5.6% in the past 24 hours
- AGIX: at $0.7061, up 21.3% in the past 24 hours
Does Huida no longer have influence on AI concept coins?
Interestingly, the stock price of AI chip giant Huida will more or less affect the AI sector of the encryption market. However, judging from recent market performance, this phenomenon seems to be receding.
According to previous reports from Dongqu, Huida's share price rose 3.51% on the 18th, closing at US$135.58 per share, with a market value of US$3.34 trillion, a new high, surpassing Microsoft to become the world's largest listed company by market value. However, the AI concept coins, which were the most popular in the market at the time, have all fallen sharply in the past week.
Yesterday (24th), Huida's share price fell 6.68% to close at US$118.11. It has fallen 13% in the past three trading days, and its total market value has evaporated by approximately US$430 billion. The current market value has dropped to US$2.91 trillion, setting the largest decline in market value for a single company within 3 days. However, AI concept coins have shown a rising trend in the past week, with FET and AGIX rising by more than 30% in a single week.
Extended reading: Huida’s market value plummeted 13% in three days, evaporating US$430 billion. Are analysts turning bearish?
The author believes that the reason why the rise and fall of Huida and AI concept coins are different may be that when Huida's stock price is in the rising stage, the encryption market is experiencing a downward trend, and the AI concept coin is still attracted by the downturn in the encryption market. As for the recent decline in Huida's stock price, the AI concept currency showed an "oversold rebound" trend due to its previous sharp decline.
