In the volatile world of cryptocurrencies, the recent bullish trend sweeping through the market has not only propelled Bitcoin to new heights but has also catapulted altcoins like Fetch.ai (FET) to unprecedented levels. FET marked a significant milestone with a fresh all-time high today, following the lead set by the primary cryptocurrency.
At the time of writing, FET is priced at $2.76, with a trading volume of $2.77 billion over the last 24 hours. Its market capitalization stands at nearly $2 billion. Notably, the coin has experienced a remarkable 110% increase in price within the past seven days, data from CoinMarketCap shows.
Fetch AI (FET) In Full Steam
The recent surge in FET’s 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 in advancing the AI economy.
FET soaring in the 24-hour timeframe. Source: CoinMarketCap
The initiative involves deploying top-of-the-line Nvidia GPUs, including models like H200, H100, and A100, to supercharge innovation within the Fetch.AI ecosystem.
Funded through the Fetch Ecosystem Fund, this move addresses the GPU shortage, providing developers and users with enhanced computing power to create advanced models and solutions.
Will Fetch AI Hit $60 Billion Market Cap?
Many cryptocurrency experts have recently been bullish about Fetch.ai’s future prospects. There is a lot of potential for FET to continue growing, according to Crypto Rover, a well-known expert.
$FET is going exponential.
Most likely you think, it will top out any time soon.
But I bought at $0.7 and I will not sell anytime soon.
It is now at $2b market cap.
I think it will top out around $40b-$60b.
20x from here seems reasonable. pic.twitter.com/n38Mc4m6dk
— Crypto Rover (@rovercrc) March 6, 2024
Rover recently posted on X that they bought $FET at $0.70 and have no plans to sell anytime soon. With the bold statement, “It is now at $2b market cap,” Rover revealed much more information. The range he is predicting is $40–$60 billion.
Some 100% of the FET’s total circulating supply is generating profits for its investors, per the Global In/Out of the Money (GIOM) indicator. A cohort holding 18,350 FET valued $36,700, acquired at an average price of $1.82, was the last to turn a profit.
FET GIOM data. Source: IntoTheBlock
This demonstrates that investors are still amassing FET despite the ongoing upward trend and confirmed profits. As a result, offering assistance for additional price escalations.
In a related development, Fetch AI has just established a strategic alliance with Deutsche Telekom, a notable corporate organization, reinforcing its standing as a major entity in the blockchain industry.
FET market cap currently at $2.27 billion. Chart: TradingView.com
Whale Appetite Up
Meanwhile, FET whale addresses have been selling off their holdings. These massive wallets have made approximately $17 million from the sale of 8.45 million FET since then.
By March 11, according to CoinCodex’s short-term Fetch.ai price prediction, the currency would hit $1.792. By April 5, the prediction rose 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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