New developments in prominent AI companies have ignited excitement about the future of the technology sector, leading to a surge in interest in AI-focused cryptocurrencies.
The bullish sentiment in the AI token market has been bolstered by significant announcements from key industry figures in recent days. For instance, Elon Musk revealed that X Corp shareholders now own 25% of the new AI project xAI, and there are talks of Sam Altman potentially returning to the OpenAI board. This wave of news has caused a shift where AI tokens, such as TAO from Bittensor and Fetch AI’s FET, have outperformed major cryptocurrencies like Bitcoin, experiencing remarkable gains of up to 16% within the last 24 hours.
This uptrend in AI token demand mirrors the trends seen with gambling and DeFi tokens in the market cycle spanning from 2020 to 2022. It signifies a growing interest in the industry and is believed to be the driving force behind the current bullish trends. This article aims to delve into these recent advancements and provide an assessment of Bittensor and Fetch, highlighting the sustained momentum within the realm of AI cryptocurrencies.
TAO Price Analysis
Starting from October 20, TAO’s value has been on an upward trajectory. Following a low of $46, the cryptocurrency, initially consolidating within asymmetric triangles, underwent a significant transformation, indicating the initiation of an uptrend that led to a breakthrough and garnered considerable attention.
The conclusion of the second wave is imminent.
FET Price Analysis
FET has surged by 182%, climbing from a low of \(0.20 on October 19 to its peak today at \)0.57.
The five-wave rally is nearing its completion.
