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AI tokens, including Fetch.ai’s FET, have outperformed the broader cryptocurrency market this week. This notable performance comes amidst a period of short-lived price breakouts, exemplified by Bitcoin’s recent brief rally to $65,000 on August 24.
Recent data from Glassnode reveals that traders are exhibiting increased caution, with a decline in speculative trading and leverage use. The August 27 edition of The Week On Chain Newsletter highlights a shift towards neutral funding rates across many tokens, indicating that spot markets are likely to dominate in the near term.
Despite {Bitcoin} (BTC) retracing to below $59,000 on August 27, FET has emerged as a significant performer over the past week. Since August 5, when Bitcoin’s price fell to $49,500, FET has gained 80%. Several factors contribute to this strong performance.
Artificial intelligence (AI) tokens have been leading the market in 2024, largely driven by advancements in AI tools and the robust performance of Nvidia’s stock. The rally in AI-related tokens, including FET, has been closely linked to Nvidia’s positive earnings reports, with Nvidia set to release its quarterly results on August 28. Over the past year, FET has increased by more than 500%, with a 90% rise year-to-date.
Fetch.ai's FET token is associated with the AgentVerse platform, which enables programmable autonomous digital avatars to perform tasks such as searching, connecting, and transacting on behalf of users and businesses. The platform, akin to a Software as a Service (SaaS) model, aims to enhance monetization strategies and manage various operational tasks, including booking optimization and electric vehicle charging infrastructure.
The merger of Fetch.ai with Ocean Protocol and SingularityNET in June 2023, forming the Artificial Superintelligence Alliance (ASI), has further boosted FET’s profile. Following the merger, FET reached an all-time high of $3.48, though it subsequently declined alongside the broader altcoin market, hitting a low of $0.70 on August 5.
As the AI sector continues to develop, stakeholders are closely monitoring Nvidia’s earnings report, scheduled for release on August 28, which may influence the performance of AI-related tokens.
