The crypto market has been rather turbulent in the past few days, with most assets recording slight losses. However, within the same period, a few cryptocurrencies like Fetch.ai (FET) have maintained a positive price pattern, generating some gains for their investors.
Generally, Fetch.ai has been one of the most impressive assets in 2023, gaining by over 400% since the beginning of the year. Like most crypto tokens, FET started the year with a gradual price increase throughout January.
However, following a significant interest spike in AI tokens, FET recorded a massive boost of over 103% in early February, hitting a price of $0.55. Although the AI token soon fell from this level, it found support in the price region of $0.38.
Since then, FET has been rising readily, building momentum for what seems to be a major price breakout. In the last seven days, where market giants like Bitcoin (BTC) and Ethereum (ETH) have recorded losses, FET has been one of the few stand-out performers gaining by 4.3%, according to data by Coingecko.
At press time, Fetch.ai is trading at $0.46, having gone down by 0.7% in the last hour. Meanwhile, the token has a current daily trading volume of $192 million, with its market cap valued at $480.5 million.
FET trading at $0.45 | Source: FETUSD Chart on Tradingview.com
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Fetch.ai Records Massive Whale Transaction Activity In 2023.
Analyzing the price growth of Fetch.ai in 2023, an on-chain analytics platform, Santiment, released a report today covering the whale transaction activity behind FET’s ascent. According to Santiment, Fetch.ai, alongside Maker(MKR) and Cardano(ADA), are three assets that have experienced “steep increases in whale transaction” activity in 2023.
Santiment stated that FET and ADA recorded their biggest whale spike of 2023 on Feb. 8 and Feb. 16, respectively, with MKR being the latest to join the trend following its massive whale spike on March 1. The report by Santiment concluded that investors can anticipate major swings from any of these assets moving forward.
Related Reading: Maker (MKR) Ignores Market Downtrends, Gains Over 15% In One Week
What To Expect From Fetch.ai in 2023?
Fetch.ai is a unique blockchain project employing two major components of the traditional technology industry in artificial intelligence and machine learning to deliver an efficient, automated blockchain ecosystem.
Considering its bullish start to 2023, FET is tipped by many for future price appreciation later in the year.
According to the 2023 price predictions by DigitalPriceCoin, FET has the potential to reach a maximum price of $1.02 during the year. However, they do not rule out the possibility of the AI token falling to around a minimum price region of $0.42.
PricePrediction.net, another crypto analysis site, says that FET can only trade as high as $0.74 in 2023, with its minimum expected price being $0.62. That said, it is worth noting that these price predictions are not guaranteed and should not be considered in making investment decisions.