Fetch AI Fetches Fire – 110% Price Surge Ignites All-Time High

Christian Encila

Last Updated: March 7, 2024 10:20 am

3 mins read

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In the volatile world of cryptocurrencies, the recent bullish trend sweeping through the market has not only propelled Bitcoin to new heights but has also catapulted altcoins like Fetch.ai (FET) to unprecedented levels. FET marked a significant milestone with a fresh all-time high today, following the lead set by the primary cryptocurrency.

At the time of writing, FET is priced at $2.76, with a trading volume of $2.77 billion over the last 24 hours. Its market capitalization stands at nearly $2 billion. Notably, the coin has experienced a remarkable 110% increase in price within the past seven days, data from CoinMarketCap shows.

Fetch AI (FET) In Full Steam

The recent surge in FET’s price is attributed to the Fetch.AI Foundation’s announcement on March 5, 2024, introducing “Fetch Compute” as part of a substantial $100 million investment in advancing the AI economy.

FET soaring in the 24-hour timeframe. Source: CoinMarketCap

The initiative involves deploying top-of-the-line Nvidia GPUs, including models like H200, H100, and A100, to supercharge innovation within the Fetch.AI ecosystem.

Funded through the Fetch Ecosystem Fund, this move addresses the GPU shortage, providing developers and users with enhanced computing power to create advanced models and solutions.

Will Fetch AI Hit $60 Billion Market Cap?

Many cryptocurrency experts have recently been bullish about Fetch.ai’s future prospects. There is a lot of potential for FET to continue growing, according to Crypto Rover, a well-known expert.

$FET is going exponential.

Most likely you think, it will top out any time soon.

But I bought at $0.7 and I will not sell anytime soon.

It is now at $2b market cap.

I think it will top out around $40b-$60b.

20x from here seems reasonable. pic.twitter.com/n38Mc4m6dk

— Crypto Rover (@rovercrc) March 6, 2024

Rover recently posted on X that they bought $FET at $0.70 and have no plans to sell anytime soon. With the bold statement, “It is now at $2b market cap,” Rover revealed much more information. The range he is predicting is $40–$60 billion.

Some 100% of the FET’s total circulating supply is generating profits for its investors, per the Global In/Out of the Money (GIOM) indicator. A cohort holding 18,350 FET valued $36,700, acquired at an average price of $1.82, was the last to turn a profit.

FET GIOM data. Source: IntoTheBlock

This demonstrates that investors are still amassing FET despite the ongoing upward trend and confirmed profits. As a result, offering assistance for additional price escalations.

In a related development, Fetch AI has just established a strategic alliance with Deutsche Telekom, a notable corporate organization, reinforcing its standing as a major entity in the blockchain industry.

FET market cap currently at $2.27 billion. Chart: TradingView.com

Whale Appetite Up

Meanwhile, FET whale addresses have been selling off their holdings. These massive wallets have made approximately $17 million from the sale of 8.45 million FET since then.

By March 11, according to CoinCodex’s short-term Fetch.ai price prediction, the currency would hit $1.792. By April 5, the prediction rose to $1.924. Technical analysis on the site was positive, with 26 signs indicating price appreciation and 4 indicating price decline.

Featured image from Freepik, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.