As Crypto Prices Crash, Two Key Metrics Suggest A Rebound Is Coming
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. It has added over $15 billion in assets under management (AUM), making it the fastest-growing ETF ever. Also, space-related ETFs like UFO and NASA have added major assets ahead of the SpaceX IPO.
This demand has happened at a time when demand for spot Bitcoin, Ethereum, and gold has waned. Bitcoin ETFs have …
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