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The world of cryptocurrency can be as dull during a bear season as it is thrilling during a bull market. The recent surge has propelled not only Bitcoin but also altcoins like Fetch.ai to extraordinary levels. Fetch.ai reaching its all-time high is emerging as a significant event in the cryptocurrency world.
Altcoin Fetch.ai (FET) Breaks Records
Altcoin Fetch.ai is trading at a price of $2.76 with a 24-hour trading volume of $2.77 billion. This translates to a market value of approximately $2 billion. In the last seven days, there has been a staggering 110% increase in the price of FET, indicating Fetch.ai’s impressive performance. At the time of writing, FET is at the $2.66 level.
The Fetch.AI Foundation’s initiative announced on March 5, 2024, named “Fetch Compute,” aimed at advancing the artificial intelligence economy, is associated with the recent price increase of FET. This initiative involves the use of top-tier Nvidia GPUs and brings significant innovation to the Fetch.AI ecosystem.
This move supports the growth of altcoin Fetch.AI by providing developers and users with advanced computational power to create more sophisticated models and solutions.
Expectations of a 20x Increase
Cryptocurrency experts are expressing their optimistic views on the future potential of altcoin Fetch.ai. Notably, renowned experts like Crypto Rover suggest that FET has not yet peaked and will continue to grow.
Rover predicts that Fetch.ai’s market value could reach between $40 billion and $60 billion, which would mean a 20x increase from the current state, highlighting the significant future potential of Fetch.ai.
According to the Global In/Out of the Money (GIOM) indicator, approximately 100% of FET’s total circulating supply is profitable for investors. This suggests that FET holders continue to accumulate, indicating a trend of rising prices. Notably, there is a group that purchased at $1.82 and is profiting, demonstrating that FET remains an attractive asset for investors.
New Alliances and Whale Sales
Fetch AI’s strategic alliance with Deutsche Telekom is also emerging as a significant development. This strengthens the company’s position in the Blockchain industry and could enhance the future potential of FET.
However, sales from whale addresses are drawing attention. These massive wallets continue to sell their holdings, creating some uncertainty in the market. Specifically, the sale of 8.45 million FET resulting in a gain of $17 million could cause concern among investors.
