AI Altcoins Rallying Today Analysed

The world of altcoins, particularly those focused on artificial intelligence (AI) and big data, has been ablaze with activity amidst the broader cryptocurrency market’s recent rally. With a market capitalization of approximately $37 billion, out of the global crypto market cap of $2.48 trillion, AI and big data altcoins have been gaining significant traction. In the past 24 hours alone, the altcoin market witnessed a surge in trading volume, reaching about $7.6 billion, representing a remarkable increase of 61.7%.

Amidst this fervent market activity, several standout ai altcoins have captured investor attention, including Fetch.ai, Render, NEAR Protocol, SingularityNET, Akash Network, and Worldcoin. These cryptocurrencies have experienced notable gains, reflecting the growing interest in AI-driven projects and decentralized technologies within the cryptocurrency ecosystem. 

What AI Altcoins are Rallying Today?

Let’s delve into the recent performance and significance of AI altcoins .

1. Fetch.ai (FET)

Fet has exhibited outstanding performance in the cryptocurrency market today, solidifying its place as one of the top three performers.  Fetch.ai is pioneering a decentralized digital environment where autonomous agents collaborate seamlessly. FET tokens facilitate staking, consensus participation, and access to Fetch.AI network services. The project’s focus spans supply chain optimization, autonomous vehicles, and smart cities.

Fetch.ai (FET) emerged as the top gainer, rallying by an impressive 41.79% in the last 24 hours. This surge propelled Fetch.ai’s price to $2.65, accompanied by a substantial trading volume of over $1.2 billion.

The increase in Fetch AI (FET) price is due to the introduction of Fetch Compute by the Fetch.AI Foundation. This initiative, announced on March 5, 2024, involves a $100 million investment to enhance development capabilities in the AI economy. By deploying advanced Nvidia GPUs, Fetch Compute accelerates innovation within the Fetch.AI ecosystem, addressing the GPU shortage and empowering developers with computational power. Additionally, Fetch Compute Credits reward FET token holders, providing access to the network’s computing power. This strategic move enhances the utility of the FET token and reinforces Fetch.AI’s infrastructure capabilities, aligning with its vision of an intelligent and interconnected AI world.

Introducing: Fetch Compute 🖥️

Following a $100M investment in our infrastructure, we have secured the future for our growing ecosystem with a decentralized computing platform, offering advanced AI-focused @nvidia #GPUs 🚀⚡

But wait, there’s more for $FET stakers! 👀👇 pic.twitter.com/i9FYkJnkLZ

— Fetch.ai (@Fetch_ai) March 5, 2024

2. NEAR Protocol (NEAR) 

NEAR Protocol stands as a layer-one blockchain crafted to address the limitations found in other competing platforms. It prioritizes developer and user-friendliness, with its native NEAR tokens serving as the currency for transaction fees and storage on the Near crypto platform. The token has also demonstrated impressive growth, with a surge of 33.77%. Trading at $5.62, NEAR recorded a substantial volume of over $1.6 billion, showcasing strong market participation.

NEAR Protocol price surge can be attributed to its growth in new user acquisition and the rising popularity of gaming and decentralized finance (DeFi) protocols on its blockchain. The introduction of 12.1 million new accounts in 2024 and the increase in on-chain activity highlight strong network adoption. Gaming and DeFi protocols are particularly gaining traction, indicating a growing trend toward entertainment and financial applications within the NEAR ecosystem.

3. SingularityNET (AGIX)

SingularityNET stands as a decentralized platform with a mission to democratize access to Artificial Intelligence (AI) services. Utilizing blockchain technology as its backbone, SingularityNET establishes a marketplace where individuals have the opportunity to develop, share, and monetize AI services. AGIX, the native utility token of SingularityNET, which facilitates various functions, including serving as a means of payment for transactions conducted within the marketplace.

SingularityNET (AGIX) price exhibited a surge of 32.28%, reaching a price of $1.13. The trading volume for SingularityNET exceeded $630 million, highlighting the growing interest in its decentralized AI marketplace.

The token has seen a notable improvement recently, despite a significant token unlock event on February 28. Following the release of 8.97 million AGIX tokens into circulation, representing 0.71% of the previous supply and worth over $6 million, initial bearish sentiments were observed. However, contrary to expectations, bullish momentum quickly took hold, driving SingularityNET’s price upwards. This turnaround is particularly noteworthy given the generally positive sentiment in the 2024 crypto market and AGIX’s position as an AI altcoin, suggesting strong investor confidence and making it a favorable investment option.

4. Akash Network (AKT)

At the forefront of decentralized cloud computing, Akash Network utilizes the Cosmos ecosystem to pioneer an innovative marketplace approach. By enabling peer-to-peer transactions for computing resources, Akash Network fosters a competitive and open cloud services market. The native token of the Akash blockchain, AKT secures the network through staking and facilitating lease settlements within the Akash marketplace.

Akash Network (AKT) saw an increase of 18.08%, with its price reaching $5.11. Despite a comparatively lower trading volume of around $21 million, Akash Network’s upward movement indicates positive sentiment within the market. 

The strong performance of Akash Network (AKT) price is primarily attributed to its correlation with other cryptocurrencies, notably Bitcoin and other AI tokens, fueled by robust demand from developers and users in the AI sector. The significant increase in the number of deployments and active providers demonstrates the growing adoption of Akash Network’s decentralized computing solutions.

Conclusion

The surge of AI altcoins in the cryptocurrency market underscores the growing interest in AI-driven projects and decentralized technologies. These altcoins have effectively capitalized on emerging market trends and technological advancements, thereby capturing the attention of investors amidst the broader cryptocurrency rally.