In the volatile world of cryptocurrencies, the recent bullish trend that has swept the market has not only propelled Bitcoin to new highs, but also catapulted altcoins like Fetch.ai (FET) to all-time highs. FET marked a milestone with a new all-time high today, following the lead established by the leading cryptocurrency.
At the time of writing, FET was priced at $2.76, with a trading volume of $2.77 billion over the past 24 hours. It is market capitalization amounts to nearly $2 billion. Notably, the coin's price has seen a remarkable 110% increase over the past seven days, according to data from CoinMarketCap.
Bringing AI (FET) back to full steam
The recent surge in FET price is attributed to the Fetch.AI Foundation's announcement on March 5, 2024, introducing “Fetch Compute” as part of a substantial $100 million investment aimed at advancing the economy of AI.
FET soaring in the 24-hour timeframe. Source: CoinMarketCap
The initiative involves the deployment of high-end Nvidia GPUs, including models such as H200, H100 and A100, to drive innovation within the Fetch.AI ecosystem.
Funded by the Fetch Ecosystem Fund, this initiative addresses the GPU shortage, providing developers and users with enhanced computing power to create advanced models and solutions.
Will Fetch AI reach a market cap of $60 billion?
Many cryptocurrency experts have recently been optimistic about Fetch.ai's future prospects. There is great growth potential for FET, according to Crypto Rover, a well-known expert.
$FET it becomes exponential.
You probably think it's going to peak soon.
But I bought at $0.7 and I won't be selling again anytime soon.
Its market capitalization is now $2 billion.
I think it will be between $40 billion and $60 billion.
20x from here seems reasonable. pic.twitter.com/n38Mc4m6dk
– Crypto Rover (@rovercrc) March 6, 2024
Rover recently posted on X that they purchased $FET at $0.70 and have no plans to sell anytime soon. With the bold statement: “Its market cap is now $2 billion,” Rover revealed much more information. The range he predicts is between $40 billion and $60 billion.
According to the Global In/Out of the Money (GIOM) indicator, approximately 100% of the total circulating supply of FET generates profits for its investors. A cohort holding 18,350 FET worth $36,700, acquired at an average price of $1.82, was the last to make a profit.
FET GIOM data. Source: IntoTheBlock
This demonstrates that investors continue to accumulate FET despite the continued upward trend and confirmed profits. Accordingly, offering assistance in the event of additional price increases.
On a related note, Fetch AI has just established a strategic alliance with Deutsche Telekom, a notable corporate organization, strengthening its position as a major entity in the blockchain industry.
FET market cap currently at $2.27 billion. Chart: TradingView.com
Whales' appetite increases
Meanwhile, FET whale addresses sold their holdings. Since then, these massive wallets have earned around $17 million from the sale of 8.45 million FET.
By March 11, according to CoinCodex's Fetch.ai short-term price prediction, the currency would reach $1.792. By April 5, the forecast had risen to $1.924. Technical analysis on the site was positive, with 26 signs indicating price appreciation and 4 indicating price decline.
Featured image from Freepik, chart from TradingView
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