Artificial intelligence (AI) and Internet of Things (IoT) projects associated tokens Fetch.ai and Internet Computer have benefited massively as the broader cryptocurrency market has seen a significant recovery.
The market’s upward trend has pushed Bitcoin price above the psychological resistance level of $70,000, reaching a high of $71,500 before correcting back to $69.5K. Overall cryptocurrency market capitalization grew from $2.6T to $2.64T in the last 24 hours, with average trading volume increasing 30% from $90B to $117B, according to Coinmarketcap.
Among the top performers in this rally are IoT cryptocurrencies, which appear to be driving positive market sentiment beyond technical price performance. IOTA and Jasmycoin are leading the pack with big announcements.
The IOTA Foundation, the team behind the OG IoT cryptocurrency IOTA, today announced the launch of a $10 million investment fund at Investopia 2024 in Abu Dhabi. The main objective of the fund is to promote the development of TradeTech solutions and help start-ups scale up, the company said. Following the announcement, IOTA’s price rose 7% to $0.36, before correcting with Bitcoin to a high of $0.373. IOTA is currently up 7% in the last 24 hours, 23% in the last week, and 30% in the last month.
JasmyCoin, the cryptocurrency project of Tokyo-based IoT provider Jasmy Corporation, is also up 7% on the day. The project has been the focus of the IoT community, especially after gaining relevance during the 2024 bull run.
Today, Hiroshi Harada, CFO of Jasmy Labs, the tech arm of Jasmy Corporation, announced a partnership with Panasonic to collaborate on an IoT platform.
“We will spend 3-6 months building a platform that combines a personal data locker, a decentralized [database]allowing IoT and device information to be attributed to individuals and securely delivered to others,” he said on Twitter.
JasmyCoin price went from $0.02 to $0.023 in the last 24 hours, with a daily high of $0.024 just a few hours ago. It was reformed after Bitcoin. The coin is currently up 7% in 24 hours, 36.4% in the last 7 days, and 42% in the last month.
AI cryptocurrencies are also performing well, but their gains appear to be driven more by market dynamics than announcements or fundamentals.
FET, the native token of Fetch.AI, describes itself as a “permissionless network on which anyone can manipulate and access secure data sets using autonomous AI. is to perform tasks that leverage its global network of data”, rose from $2.6 to $2.9 today, up 11.6% in the past 24 hours.
Bitcoin’s correction did not affect its price performance. FET is currently up 21.8% over the past week and 174.88% over the past month.
Fetch.AI is performing strongly, largely driven by the hype surrounding both AI businesses and the crypto industry as a whole.
Its FED token is moving above its EMA10 (the line drawn from the average price performance of the past 10 days) and is showing some resilience to Bitcoin’s price volatility. However, the token has been trading sideways for the past 15 days, so the bullish momentum may be running out, especially considering that it was very bullish from mid-February to mid-March. There were more sales, so it’s healthy for a slower market. The Average Directional Indicator (ADX), which measures how strong the trend is, is still strong at 43 and the RSI is at a healthy 65 points, indicating bearish sentiment despite market volatility. There are more than
ICP, although not an AI cryptocurrency, has been linked to AI innovations, such as the first blockchain-based AI smart contract. With gains of 14.5% in the last 24 hours, 75% in the last 7 days, and 60% in the last 30 days, the token is performing brilliantly.
The coin recovered from a significant drop in early March when it fell from $16 to $11 in about two weeks. Since then, the coin has been moving upwards, reaching its current price of $20, starting the day at $17.35.
ICP Traders are extremely enthusiastic, even newcomers should be cautious about joining. Coins are oversold at 77 points and the last 3 daily candlesticks are unusually large in body with short wicks. If the coin corrects on stable bullish support near its EMA10, then a drop of around -20% after a rally of 75% in just one week would not be too alarming.
Edited by Stacey Elliott.