AI Altcoins Rallying Today Analyzed

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

Amidst this fervent market activity, several outstanding ai altcoins have attracted investors’ 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.

Which AI Altcoins Are Collecting Today?

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

1. Fetch.ai (FET)

Fet showed 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 work together 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, gaining an impressive 41.79% in the last 24 hours. This surge drove Fetch.ai’s price to $2.65, accompanied by a significant trading volume of over $1.2 billion.

The increase in Fetch AI (VET) price is due to the introduction of Get Compute by the Fetch.AI Foundation. Announced on March 5, 2024, this initiative involves a $100 million investment to improve development capabilities in the AI ​​economy. By deploying advanced Nvidia GPUs, Fetch Compute accelerates innovation within the Fetch.AI ecosystem, addresses the GPU shortage and empowers developers with computing power. In addition, Fetch Compute Credits reward FET token holders, providing access to the network’s computing power. This strategic move enhances the usability of the FET token and strengthens Fetch.AI’s infrastructure capabilities, which aligns with its vision of an intelligent and interconnected AI world.

Introducing: Fetch Compute 🖥️

After a $100 million investment in our infrastructure, we’ve 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 players! 👀👇 pic.twitter.com/i9FYkJnkLZ

— Fetch.ai (@Fetch_ai) March 5, 2024

2. NEAR Protocol (NEAR)

NEAR Protocol stands ​​​​as a layer-one blockchain made 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 also showed impressive growth, with a surge of 33.77%. Trading at $5.62, NEAR recorded a significant volume of over $1.6 billion, showing strong market participation.

NEAR Protocol price surge can be attributed to its growth in new user acquisition and the increasing popularity of games 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. In particular, gaming and DeFi protocols are taking off, indicating a growing trend towards 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. Using blockchain technology as its backbone, SingularityNET is establishing 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 showed a surge of 32.28% and reached a price of $1.13. The trading volume for SingularityNET exceeded $630 million, highlighting the growing interest in its decentralized AI market.

The token has seen a notable improvement recently, despite a significant token unlock event on February 28th. After the release of 8.97 million AGIX tokens into circulation, representing 0.71% of the previous supply and worth more than $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 leverages the Cosmos ecosystem to pioneer an innovative market approach. By enabling peer-to-peer transactions for computing resources, Akash Network promotes a competitive and open cloud services marketplace. The native token of the Akash blockchain, AKT, secures the network by posting and facilitating rental agreements within the Akash marketplace.

Akash Network (AKT) saw an increase of 18.08%, with its price reaching $5.11. Despite a relatively 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 mainly attributed to its correlation with other cryptocurrencies, especially Bitcoin and other AI tokens, fueled by strong 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.

Closure

The boom of AI altcoins in the cryptocurrency market highlights the growing interest in AI-driven projects and decentralized technologies. These altcoins have effectively capitalized on emerging market trends and technological advances, thus capturing the attention of investors amid the broader cryptocurrency rally.