AI Cryptos Lead Losses as BTC Stays Below $60k

TL;DR

• Bitcoin continues to trade below $60k, down by less than 1% in the last 24 hours.

• AI-focused cryptocurrencies lead the market losses following Nvidia’s post-earnings slump.

RNDR and TAO Suffer Huge Losses

The cryptocurrency market has continued its bearish stance after Bitcoin failed to flip a major resistance zone. The world’s leading cryptocurrency by market cap continues to trade below $60k and is down by less than 1% in the last 24 hours. At press time, Bitcoin’s price stands at $59,026.

While Bitcoin and Ether underperform, the worst performers in the market are currently AI-focused cryptocurrencies. Render’s RNDR and Bittensor’s TAO are the worst performers amongst the top 50 cryptocurrencies by market cap.

RNDR is down 7.5%, making it the worst performer in the top 50. Meanwhile, TAO has lost 5.6% of its value over the last 24 hours. Their poor performance was due to Nvidia’s NVDA stock losing 6.4% on Thursday. 

The chip-making giant took a hit in the market on Thursday after reporting quarterly results Wednesday evening. 

Despite the bearish stance, Bitcoin could still be primed to rise above the $60k psychological level in the near term.