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Top AI Coin Fetch.AI (FET) Explodes 35% Daily: Here’s Why
The cryptocurrency market has experienced considerable turmoil in recent days, with the price of Bitcoin falling to $64,000 before settling just above $65,000, where it is currently found.
As often happens, most altcoins also followed suit. However, it is important to note that in recent days, it appears that altcoins are outperforming BTC, albeit slightly. This is not true for all of them, as some, like FET, have made massive gains in the last 24 hours.
Top AI Coin FET rises 35%
Fetch.AI is one of best AI cryptocurrencies and a leading project in this category. The protocol is designed to allow users to leverage features and tools to build and monetize their AI-based cryptocurrency applications and services. It also takes advantage of the so-called autonomous economic agents.
Fundamentals aside, FET is trading at $1.73 at press time, having risen around 35% in the last 24 hours alone.
One thing to note about this movement is that it is not sudden – it is not a spike. This means there is no single unexpected trigger, but rather a broader increase in the specific FET market.
What is the reason for the increase in FET price?
Importantly, the entire cryptocurrency category within the Artificial Intelligence segment is recording gains. According to CoinGecko, it has increased by an average of more than 12% in the last 24 hours.
One announcement What has recently occurred is the updated timeline for the symbolic merger of the so-called Artificial Superintelligence Alliance. As part of the initiative, Fetc.AI (FET), Ocean Protocol and SinguralityNET will see their tokens merge. The main cryptocurrency exchange – Binance – also announced support for token fusion.
Interestingly, Ocean Protocol (OCEAN) as well as SingularityNET (AGIX) are also up around 25% in the last day.
The broader cryptocurrency market has also stopped plunging and it could be that an altcoin season is starting to form.