The cryptocurrency market has experienced a significant downturn in the last 24 hours, with the global crypto market cap dropping by 8.19% to $2.36 trillion. The price decline of Bitcoin has been the main factor driving the slump, and this has had a knock-on effect on all markets, including those for AI tokens like Near Protocol (NEAR), Fetch.ai (FET), and Render (RNDR).
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Bitcoin’s Slump Drags Down the Market
Bitcoin has fallen by 7.3% in the last 24 hours and is currently trading at around $63,000. The leading cryptocurrency has experienced a sharp decline from its 24-hour high of $68,552.94, to a low of $62,700.
The significant drop in Bitcoin’s price has had a domino effect on the rest of the cryptocurrency market, with many altcoins following suit and experiencing substantial losses.
Near Protocol (NEAR) Falls 14.58%
Near Protocol (NEAR), a scalable and developer-friendly blockchain platform, has seen its native token plunge by 14.58% in the last 24 hours. NEAR is currently trading at $6.54, with a 24-hour low and high of $6.35 and $7.77, respectively.
The token’s market capitalization has also dropped by 14.53% to $6.88 billion, although it still ranks 18th among all cryptocurrencies.
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Show more +Fetch.ai (FET) Declines 12.33%
The market downturn has also severely impacted Fetch.ai (FET), a decentralized machine learning platform. FET has fallen by 12.33% in the last 24 hours and is currently trading at $2.33. The token’s 24-hour low and high stand at $2.17 and $2.68, respectively. Fetch.ai’s market capitalization has decreased by 12.33% to $1.95 billion, placing it 56th among all cryptocurrencies.
Render (RNDR) Plummets 12.44% from All-Time High
Render (RNDR), a decentralized GPU rendering network, has experienced a significant decline of 12.44% in the last 24 hours. RNDR is currently trading at $10.81, with a 24-hour low and high of $10.37 and $12.61, respectively. The token’s market capitalization has also dropped by 12.42% to $4.11 billion, ranking it 27th among all cryptocurrencies.
It is worth noting that RNDR recently hit an all-time high of $13.60 just two days ago, on March 17, 2024. The current price represents a 20.1% decrease from that peak.
AI Tokens Suffer as Market Cap Drops 12.84%
The slump in the cryptocurrency market has also had a significant impact on AI tokens. The top AI coins have collectively seen their market capitalization drop by 12.84%, now standing at $37.63 billion.
As the cryptocurrency market continues to navigate this period of volatility, investors and traders will be closely monitoring the performance of Bitcoin and its influence on the wider market. The downturn serves as a reminder of the inherent risks associated with investing in cryptocurrencies and the importance of diversification and risk management strategies.
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