The Fetch.ai price soared 19% in the last 24 hours to trade at $0.56 as of 6:20 a.m. ET as AI tokens surged over the weekend due to euphoria surrounding recent developments in AI companies.
Fetch.ai Price: What Sparked the AI token price surge?
Fetch.ai was not the only AI token to see a price surge over the weekend. Most of them did, as there have been significant developments in crucial AI firms, which led to a rise in hype around the long-term growth of the emerging sector.
Elon Musk, the CEO of Tesla and SpaceX and the relatively new owner of X (formerly Twitter), stated that shareholders of X Corp, which holds a basket of firms, would receive a 25% stake in the new AI venture known as xAI.
The new venture started to test its new chatbot, Grok, which already saw hundreds of replica tokens emerge.
Grok is Musk’s ChatGPT rival, and tokens inspired by it started emerging on numerous blockchains almost as soon as it was unveiled.
In addition, recent reports also suggested that ChatGPT founder Sam Altman might return to OpenAI’s board after a surprise ousting last week. The rumours also contributed to the bullish sentiment surrounding AI, including the token sector.
Due to these reports, the AI token sector saw an 8% surge, driving gains for crypto traders.
Fetch.ai Price Prediction: Can The Bull Run Continue?
The FET price behaviour suggests bulls are back on track, and the token may see a significant value rise soon.
The FET price sustained above both 50-day and 200-day EMAs signals an uptrend. However, with it going far away from the EMA, it might be mildly overstretched, which could lead to a consolidation or a retrace.
The buyers still need to break out of the $0.60 hurdle for the rally to continue, while the sellers are also quite active while trying to defend the supply zone.
The token will still have several major barriers to breach even if the rally does continue, including $0.80 and $0.90. If it manages to reach that high, it will have a chance at making a new all-time high, with the current one being $1.19, which FET reached over two years ago, on September 8, 2021.
Bitcoin ETF Token Could Outperform Any AI Token Competitor
While crypto AI tokens are the flavour of the moment, they risk losing out to a new token called Bitcoin ETF (BTCETF).
Still in presale, Bitcoin ETF is a project that aims to reward its holders as Bitcoin ETFs are approved.
The crypto world has been waiting for a spot Bitcoin ETF for an entire decade, and expectations are high that the US Securities and Exchange Commission will finally approve one or multiple Bitcoin ETF proposals by January.
If this happens, the BTCETF price will skyrocket and bring massive gains to holders. Of course, this is not a certainty, but industry experts say it’s a matter of when, not if.
So far, the presale has raised over $1.19 million, and the token’s price at the time of writing sits at $0.0056.
But in five days the token’s price will increase so there’s no time to waste. BTCETF can be obtained in exchange for ETH or USDT and purchased via a credit or debit card.
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY