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The cryptocurrency market experienced considerable turbulence throughout the past few days, with Bitcoin’s price tumbling toward $64K before settling slightly above $65K, where it’s currently found.
As it oftentimes happens, the majority of altcoins also followed suit. However, it’s worth noting that over the past couple of days, it appears that altcoins are outperforming BTC, albeit slightly. That’s not true for all of them, though, as some, such as FET, have scored massive gains over the past 24 hours.
Top AI Coin FET Soars by 35%
Fetch.AI is one of the best AI cryptos and a leading project in this category. The protocol is designed to enable users to leverage resources and tools to build and monetize their AI-powered cryptocurrency applications and services. It also takes advantage of the so-called autonomous economic agents.
Fundamentals aside, FET is trading at $1.73 at press time, having increased by around 35% in the past 24 hours alone.
One thing to notice about this movement is that it’s not sudden – it’s not a spike. This means there’s no single unexpected trigger but rather a broader increase within the specific market for FET.
What’s the Reason for the FET Price Surge?
It’s important to note that the entire category of cryptocurrencies within the Artificial Intelligence segment is charting gains. According to CoinGecko, it’s up by more than 12% on average over the past 24 hours.
One announcement that took place recently is the updated timeline for the token merger of the so-called Artificial Superintelligence Alliance. As part of the initiative, Fetc.AI (FET), Ocean Protocol, and SinguralityNET will see their tokens merge. The leading cryptocurrency exchange – Binance – also announced support for the token merge.
Interestingly enough, Ocean Protocol (OCEAN), as well as SingularityNET (AGIX) are also up by some 25% over the past day.
The broader cryptocurrency market has also stopped plummeting and it might be the case that an altcoin season is starting to brew.
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