AI-focused cryptocurrencies are experiencing a surge in optimism, buoyed by recent advancements in key AI companies that have generated excitement about the future of the technology sector.
Over the weekend, noteworthy announcements from industry leaders, including Elon Musk‘s disclosure about X Corp shareholders’ 25% stake in the new AI venture xAI and the potential return of Sam Altman to the OpenAI board, have contributed to a bullish sentiment in the AI token market. Notably, AI tokens such as Bittensor’s TAO and Fetch AI’s FET have seen impressive gains of up to 16% in the past 24 hours, outperforming major cryptocurrencies like Bitcoin.
This upswing in AI tokens reflects a growing interest in the sector, viewed as a potential catalyst for a significant bull run, akin to the impact of gaming and DeFi tokens in the previous market cycle from 2020 to 2022. This post will delve into these recent developments and assess whether Bittensor and Fetch.ai can sustain their notable momentum in the AI crypto landscape.
TAO’s price has been on an upward trajectory since October 20. Initially consolidating within a symmetrical triangle, the cryptocurrency experienced a notable shift after establishing a higher low at $46. This marked the beginning of an uptrend, initiating a breakout and subsequently gaining substantial momentum.
FET increased by 182%, measured from its last low of $0.20 on October 19, reaching its highest point today of $0.57.
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