Crypto prices continued their strong downtrend Saturday, with Bitcoin (CRYPTO: BTC) crashing to a low of $59,163, its lowest level since 2024, and 52% from its all-time high.
The crypto market cap has plunged from over $4 trillion to $2.1 trillion today.
Crypto Prices Have Plunged as AI Demand Jumps The main reason behind the ongoing crypto market crash is that attention among investors has been on the artificial intelligence (AI) industry.
Data shows that most AI stocks like Sandisk (NASDAQ:SNDK), Micron (NASDAQ:MU), Intel (NASDAQ:INTC), and Seagate Technology (NASDAQ:STX) have soared to a record high.
Another sign for this is that the Roundhill Memory ETF (CBOE: DRAM) soared to a record high.
