Despite brightening the portfolios of several traders over recent months, Fetch.ai (FET) has lost its status as one of the biggest artificial intelligence (AI) and big data digital currencies by market capitalization.
Fetch.ai (FET) is no longer a top five (5) AI and big data token by market cap, data from crypto price tracker CoinMarketCap shows.
Despite bringing gains of 555% to traders who purchased the token on January 1, when it exchanged hands for $0.09166, and sold it when it reached a quarterly and yearly high price of $0.6004 on February 8, FET cannot be found in the top 5 rankings of AI and big data firms.
By the end of March, the token commanded a price of $0.3667 which conferred 300% in quarterly earnings on holders.
As of the end of Q1 2023, FET was ranked as the sixth having lost its position to projects such as Render Token (RNDR), Injective (INJ), and Oasis Network (ROSE).
Fetch 300% Q1 return eclipsed by AI and big data tokens
In the centralized financial world, market capitalization is calculated by multiplying the price of a stock by its total number of outstanding shares. In the DeFi world, market cap is calculated by multiplying the price of a cryptocurrency by the total number of circulating supply.
In the case of FET, with a relatively lower price of $0.3667, a market cap of around $289 million was generated by multiplying its price with the circulating supply of 790 million.
While a project like Render Token (RNDR) had a relatively lower circulating supply of around 361 million, it commanded a relatively higher market cap since it was multiplied by a price of $1.3739, 3.5x higher than FET’s price on the last day of March.
The same holds for Injective token (INJ) which rose by over 200%. INJ’s price of $5 was 13 times higher than FETs although it was multiplied by a circulating supply of 80 million, nine times lower than Fetch.ai’s supply within the same period.
Fetch.ai volume is soaring in April
FET’s trading volume has spiked substantially so far in April. After hovering around $29 million for the first two days, daily trading volume rose to about $49 million on April 3.
As of 17:00 UTC on April 4, FET was up by 1%, commanded a price of $0.354, had a market cap of $289 million, and a fully diluted market cap of approximately $408 million.
While FET continues to grow its ecosystem, its acceptance as a token with huge potential continues to soar.
The asset is currently supported by more than 30 cryptocurrency exchanges including Binance, Coinbase Pro, Kucoin, Huobi Global, Crypto.com, and BitMart.