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Cryptocurrencies January 26, 2023

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%
Fetch.ai are among the current winners.

AI and Big Data tokens have joined metaverse tokens and industry-related cryptocurrencies to spike substantially in price. Among the hundreds of AI and Big Data tokens in the market, Fetch.ai (FET), Ocean Protocol (OCEAN), and The Graph (GRT) have brought awesome gains to their holders in the first three weeks of January. 

Fetch.ai (FET) has soared more than 200% 

Fetch.ai was created in 2017 as an AI laboratory that builds open, decentralized, and permissionless machine learning networks within the crypto economy. 

After shedding more than 80% of its value in 2022 due to an industry-wide bloodbath that wiped off more than $2 trillion from the crypto market, FET rebounded strongly in 2023. 

After opening the year on Jan. 1 with a trading price of $0.09166, the coin reached a monthly low of $0.09041 on Jan. 2. On Jan. 13, Binance announced the launch of FET/USDT Perpetual Contracts across multiple margin assets. The largest cryptocurrency exchange by trading volume followed this up by opening trading for FET/TRY (Turkish Lira) on Jan. 26. On Jan. 17, another exchange Bitrue also listed FET/USDT on its futures platform. In the crypto space, staking, the adoption of a crypto asset by a mainstream institution as well as token listing by reputable exchanges (in this case Binance and Bitrue) are major drivers of price. 

The listing of the coin led to it reaching a monthly and yearly high of $0.3045 on Jan. 23. After seeing a low daily volume of $5.5 million, increased demand for the coin on the more than 30 exchanges that supports it led to the new high daily volume of $170 million

In the process, FETs market capitalization has risen by 232% from $75 million on its opening day to over $230 million

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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Ocean Protocol (OCEAN) spiked over 130% due to the Hackathon progress

As a blockchain-based ecosystem that allows individuals and businesses to unlock the value of their data and monetize it via the use of Ethereum-based tokens, OCEAN has benefitted immensely from the cryptocurrency market rebound of 2023. 

Ocean has built on top of several mainstream blockchains in the industry and the highlight was when it partnered with Moonbeam Network on Polkadot to allow stakeholders of the Polkadot ecosystem to buy, stake, and publish data. 

OCEAN, like more than 90% of cryptocurrencies shed around 80% of its value in 2022 after opening and closing the year at $0.8586 and $0.1633 respectively. OCEAN opened 2023 with a price of $0.1633, reached a monthly low of $0.1592 on Jan. 2, and since that day, the token has benefitted from the Data Builders Hackathon the Ocean Foundation launched with Gitcoin which launched on Jan. 5 and it’s slated to end by the end of the month. Through this Hackathon, $40,000 in bounties will be shared among participants. 

OCEAN tested a monthly high of $0.3834 on Jan. 24 after seeing its least daily volume rise from $6.6 million to the highest of $143 million

Within 25 days, OCEAN’s price ascended by 134% which increased its market value from $100 million to more than $220 million

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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The Graph (GRT) is increasing due to positive market sentiment 

As an indexing protocol for querying data for networks like Ethereum, The Graph has helped power many applications in the decentralized finance (DeFi) space and the broader Web3 ecosystem. 

Renewed interest in cryptocurrency coupled with the awarding of funds to hackers by The Graph Foundation to build bold new decentralized applications (dApps) with sub-graphs has contributed to GRTs price spike. GRT, which is the novel token of the Graph lost 91% of its value in 2022. The token has impressed so far in 2023 recouping more than 70% of investor losses after opening at $0.05538 and reaching a monthly high of $0.0963 on Jan. 24. The significant rise in daily volume from $9 million to $86 million has also led to a rapid rise in market capitalization from $493 million to over $800 million

AI and Big Data Tokens Are Exploding with Fetch.ai (FET) Soaring More than 200%

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Other AI and Big Data coins and tokens that have spiked in value include, but are not limited to, Singularity NET (AGIX), Phala Network (PHA), Phoenix (PHB), and Covalent (CQT), Alliance Block (ALBT).

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Image credits: Shutterstock, CC images, Midjourney, Unsplash.

Cryptocurrencies

Ordinals: Bitcoin NFT Sales Surge as ‘Inscriptions’ Hit 385K in 2 Months

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Ordinals: Bitcoin NFT Sales Surge as 'Inscriptions' Hit 385K in 2 Months

When software engineer Casey Rodarmor launched the Ordinals protocol three months ago, the NFTs market had lost steam from its 2021 peak. Now, the protocol has triggered a lot of interest, with crypto enthusiasts embedding a total of 385,000 “inscriptions” on Bitcoin.

Known as Ordinals, the ‘inscriptions’ are Bitcoin’s own version of non-fungible tokens (NFTs). Of the total inscriptions to date, 200,000 are image files and over 150,000 based on text, and 17, 000 are apps, according to Glassnode Market Intelligence, as reported by Reuters.

Also read: New Pokémon Hire Suggests Gaming Giant is Eyeing NFTs, Metaverse

Ordinals sales reach millions

Rodarmor launched Ordinals on the Bitcoin mainnet on January 21. The new protocol uses what he calls “inscriptions” to create and store NFTs on the network. Ordinals are created by adding things like text, audio or images on the Bitcoin blockchain.

He said the inscriptions are made on the smallest Bitcoin unit known as a “satoshi,” or “sats,” to create unique and “true digital artifacts [that are] decentralized, immutable, always on-chain, and native to Bitcoin.” The NFTs can be held and transferred across the network.

Ordinals: Bitcoin NFT Sales Surge as 'Inscriptions' Hit 385K in 2 Months

Several Bitcoin NFT projects have emerged ever since. It includes Bitcoin Punks, BTC Machines, Pixel Pepes and others.  According to the Reuters report, NFT traders around the world are back in the money. Others have made millions of dollars from the trade of Ordinals. One such entity is Yuga Labs, creator of the popular Bored Apes NFTs.

The company created a collection called TwelveFold. It is a limited edition and experimental collection of 300 generative art pieces inscribed onto satoshis on the Bitcoin network. Yuga announced it made $16.5 million, or 736 BTC, from the sale of 288 images in the collection.

“These pieces represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects,” it detailed.

Ordinals: Bitcoin NFT Sales Surge as 'Inscriptions' Hit 385K in 2 Months

TwelveFold inscriptions: Yuga Labs

It’s not just Yuga Labs cashing in on Ordinals. Other Bitcoin NFTs that have fared pretty well on the market range from JPEGs of rocks to crowned shadowy images that have sold for $213,845 and $273,010 respectively, according to data from Galaxy Digital Research.

Growing Bitcoin NFT interest

Galaxy expects that the total value of Bitcoin NFTs to reach $4.5 billion by 2025, building on growth already established by Ethereum-based NFTs.

In the shadow of the Blur against Opensea conflict, “Ordinals are quietly having their own marketplace wars,” said the pseudonymous on-chain analyst Domodata. In late February, volume reached 1.5 million on the Ordinals Market platform alone.

The exchange “is using existing Ethereum infrastructure [emblem vaults & reservoir] whilst the others are embracing novel Bitcoin native solutions. As it stands, volume is roughly split between the chains,” the analyst observed.

At the beginning of March, total marketplace volume for Bitcoin NFTs surpassed $6.1 million, with around 10,000 unique users, per Dune Analytics data. By comparison, it took OpenSea, the biggest marketplace for Ethereum-based NFTs, 14 months to achieve similar volume.

In total, NFT sales – excluding Ordinals – amounted to $1 billion last month, up more than 200% from $324 million in November, according to CryptoSlam. However, the figure is still a but a fraction of the $5 billion recorded in January last year and $2.7 billion in May.

Despite joining the party late, Ordinals have proved a hit with collectors. As per Glassnode data, Bitcoin non-fungible tokens now represent 7% of the total number of transactions on the Bitcoin blockchain.

Nightmare come true

The growth is a nightmare come true for Bitcoin fundamentalists, who worried that Ordinals could lead to congestion on the Bitcoin network as the NFTs compete with normal financial payments for block space. The worry has become reality.

Ordinals have caused a significant surge in the usage, fees, and storage space of the Bitcoin network. Proponents consider this “a major breakthrough for the Bitcoin application tier and can shift the narrative from being solely a ‘store of value’ to more practical use cases.”

The average cost of sending a transaction over the Bitcoin blockchain has spiked from $0.97 on Jan. 25, just days after the Ordinals launch, to over $2.40 as of Mar.15, according to data provider Ycharts. The numbers reflect the increased trade in Ordinals.

Further data from Blockchain.com shows that the seven-day average confirmation time for Bitcoin transactions rose to more than 186 minutes in late February, a peak last seen in November following Bitcoin’s selloff. The number averaged 12 to 35 minutes in January.

Ordinals: Bitcoin NFT Sales Surge as 'Inscriptions' Hit 385K in 2 Months

Bitcoin avg.transaction fees: YCharts

Utilizing the Bitcoin Taproot upgrade of 2021, Casey Rodarmor emphasized that his Ordinals protocol posed no threat because it does not require “any changes to Bitcoin” to create a non-fungible token on the network. But not everyone is thrilled about the new kid on the block.

Ordinals face resistance

There has always been questions on how Bitcoin would handle huge traffic if non-fungible tokens and other decentralized applications launched on the blockchain. Fundamentalists argue the cryptocurrency was meant to be used only for payments.

Any use of the network outside of financial transactions detracts from the original vision of the pseudonymous Bitcoin founder Satoshi Nakamoto, they say. Prominent Bitcoin core developer and Blockstream CEO Adam Back described Ordinals as “crap” and urged miners to censor the NFT-like items as a “form of discouragement.” That tweet was later deleted.

In 2010, Satoshi Nakamoto responded to a question on whether Bitcoin should be used for non-financial purposes with an emphatic “No”. There are no quick answers as to how NFTs on Bitcoin will develop, or to what extent they could fracture the community. We’ll see.

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Cryptocurrencies

Blur Marketplace Trumps OpenSea in Sales for 3rd Straight Month

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Blur Marketplace Trumps OpenSea in Sales for 3rd Straight Month

NFT marketplace Blur has become the highest-generating trading volume platform in the digital collectibles space over the past three months. The platform surpassed OpenSea, the largest NFT marketplace by all-time trading volume, in December 2022. 

During the last month of the worst year in decentralized finance (DeFi) history, Blur saw approximately $364 million in Ethereum NFT trading volume.

Within the same period, OpenSea recorded a volume of around $169 million. In simple mathematics terms, NFT traders poured about $196 million more into Blur than OpenSea.

Since Ethereum is the largest blockchain by all-time sales volume, positively skewed activities towards Blur rather than OpenSea have raised a few eyebrows in the digital arts sector. 

Blur cements the top spot 

While the New Year has been billed by many analysts as a year of recovery for several sectors of the crypto economy, the NFT space has been the best-performing category on an industry-wide scale. 

The total trading volume stood at roughly $729 million and Blur had the lion’s share with approximately $325 million (which is represented by 45%). OpenSea’s volume, by comparison, was $241 million during the first 31 days of the year.

During its first full month as an NFT marketplace, OpenSea surpassed Blur by bringing in $146 million in trading volume compared with Blur’s $114 million. As of March 2023, Blur had seen increased interest buoyed by the airdropping of its novel token BLUR which culminated in a trading volume of around $1.1 billion month-to-date.

Its closest competitor at the moment had a volume which was more than three times lesser than Blur, as illustrated by the following image.

Blur Marketplace Trumps OpenSea in Sales for 3rd Straight Month

The Block

According to DappRadar, activity on Blur increased by 142% from October 2022 to January 2023 which led to the NFT marketplace reaching an average daily unique active wallets (UAW) of more than 3,000.

Blur reached a daily volume high of around $99 million on Feb. 19 through the activities of more than 16,000 UAWs involved in over 43,000 transactions. 

Blur Marketplace Trumps OpenSea in Sales for 3rd Straight Month

DappRadar

Blur’s new token 

While Blur has become the latest threat to OpenSea’s dominance of NFT trading volume, the latter has seen stiff competition before from X2Y2 – a marketplace launched in February 2022. 

During 2022, X2Y2 surpassed OpenSea for several months but its monthly volumes of $55 million (December 2022), $93 million (January), and $53 million (February 2023) has been dwarfed by the metrics of Blur.

The latter’s eponymous new token  was launched in the second month of the year and appeared on the crypto price tracker CoinMarketCap on Feb. 14. 

After opening and reaching a peak price of $4.5 on the same day, BLUR plunged to a new low of $0.4318 and closed the day at $0.6531.

On its opening day as a tradable asset, BLUR’s trading volume surpassed $450 million. As of Feb. 24, traders have cashed in their gains, and the token has shed more than 90% of its value.

Blur Marketplace Trumps OpenSea in Sales for 3rd Straight Month

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AI

Fetch.ai (FET) Shoots Up More Than 500% Amid February Gains

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Fetch.ai (FET) Shoots Up More Than 500% Amid February Gains

FET, the novel token of Fetch.ai, an AI lab with a mission to democratizes access to AI technology, has exploded by over 500% on the back of trending products and usage across the globe.

As a low-cap digital asset, FET opened 2023 with a trading price of $0.09166 with a relatively lower trading volume of about $5.5 million, corresponding to a market capitalization of $75 million

Thriving on the resurrection of AI, big data, metaverse tokens and metaverse stocks, FET rose by 200% to close the first month of the year with a trading price of $0.2758.

FET makes early gains in 2023

In the crypto market, digital currencies normally follow the price patterns of the two largest digital assets by market capitalization, Bitcoin (BTC) and Ethereum (ETH). While SingularityNET (AGIX) is not among mainstream cryptocurrencies, it is the biggest AI token by market value, and a spike or plunge in its price is felt across the entire sector. 

In the first week of February, SingularityNET forged a new partnership with Cardano, a major blockchain protocol which continues to achieve milestones. This alliance positively affected the price of its novel token AGIX and spread through the AI token space. 

After opening February at $0.2757, FET, like AGIX, rose significantly in value to a monthly and yearly high price of $0.6004 on Feb. 8.

As a result, investors that held FET from Jan. 1 to the eighth day of February saw gains of 550%. While the token tested a monthly low of $0.2585 on the first day of the month, it ended the period with a much-improved price of $0.4396. In 28 days, FET increased by 59%. 

Fetch.ai (FET) Shoots Up More Than 500% Amid February Gains

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Bullish forecasts for FET 

According to analysts at Investors Observer, FET is among a list of cryptocurrencies that commands a long-term technical score of 92 based on factors like support and resistance levels and its historical trading patterns. 

The strength of such factors is why David Cox at CryptoNewsZ has bullish forecasts for FET, which he foresees reaching a maximum price of $2.74 by 2030. 

After bringing in 380% in returns year-to-date (YTD), FET holders have seen a substantial rise in their portfolios.

Fetch.ai (FET) Shoots Up More Than 500% Amid February Gains

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Will increased patronage of the platform, coupled with soaring AI usage, continue to prime the price of FET? Only time will tell.

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