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Artificial Intelligence and Internet of Things Tokens Surge Amid Cryptocurrency Market Recovery
Tokens associated with artificial intelligence (AI) and internet of things (IoT) projects Fetch.ai and Internet Computer have witnessed substantial growth as the broader cryptocurrency market experiences a significant uptrend. This surge in the market has propelled Bitcoin’s price above the critical resistance level of $70,000, peaking at $71,500 before readjusting to $69,500. Over the past 24 hours, the overall cryptocurrency market capitalization has risen from $2.6 trillion to $2.64 trillion, accompanied by a 30% surge in average trading volume from $90 billion to $117 billion, according to Coinmarketcap.
Within this bullish market environment, IoT-related cryptocurrencies have notably outperformed, with investor sentiment playing a pivotal role alongside technical price action. Leading the charge are IOTA and Jasmycoin, both making significant strides in recent days.
IOTA’s Strategic Investment Fund Launch
The IOTA Foundation, the driving force behind the original IoT token IOTA, made headlines by announcing the establishment of a $10 million investment fund at Investopia 2024 in Abu Dhabi. This fund aims to foster the development of TradeTech solutions and bolster the growth of startups within the ecosystem. Following this announcement, IOTA’s price surged by 7% to $0.36, hitting a peak of $0.373 before aligning with Bitcoin’s correction. As of now, IOTA has witnessed a 7% increase in the last 24 hours, 23% over the past week, and 30% in the last month.
JasmyCoin’s Strategic Partnership
JasmyCoin, the cryptocurrency project affiliated with Tokyo-based IoT provider Jasmy Corporation, has also seen a 7% price jump in the current market cycle. The platform gained prominence within the IoT community during the 2024 bull run, further solidifying its position. Recently, Hiroshi Harada, CFO of Jasmy Labs, the tech division of Jasmy Corporation, unveiled a collaborative initiative with Panasonic to develop an innovative IoT platform. This partnership aims to integrate a personal data locker with a decentralized database, facilitating secure data attribution and sharing among connected devices.
“We will spend 3-6 months building a platform that ties a personal data locker, a decentralized database, to the IoT and allows device information to be attributed to individuals and provided to others securely,” stated Harada on Twitter.
JasmyCoin experienced a price surge from $0.02 to $0.023 over the past 24 hours, with a peak of $0.024 observed recently. The coin’s positive momentum mirrored Bitcoin’s price action, resulting in a 7% gain within 24 hours, a remarkable 36.4% increase over the past 7 days, and a significant 42% rise in the past month.
AI Cryptocurrencies Showcase Resilience
AI-focused cryptocurrencies have also demonstrated robust performance, driven primarily by market dynamics rather than specific announcements or fundamental developments. FET, the native token of Fetch.AI, a network that enables secure data access through autonomous AI for executing global tasks, surged from $2.6 to $2.9, marking an 11.6% uptick within the last 24 hours.
Despite Bitcoin’s corrective phase, FET maintained its positive trajectory, displaying a 21.8% increase over the past week and an impressive 174.88% growth in the last month. Fetch.AI’s performance reflects the growing enthusiasm surrounding AI ventures and the broader cryptocurrency sector.
While the bullish momentum for Fetch.AI remains intact, recent price movements have exhibited a sideways trend following an extended period of overselling. This stabilization indicates a healthy market correction, with technical indicators such as the average directional index (ADX) sitting at 43, showcasing the strength of the current trend, and the relative strength index (RSI) at a respectable 65, indicating ongoing bullish sentiment.
Although not categorized as an AI token, Internet Computer (ICP) has been linked to AI innovations like the first blockchain-based AI smart contract. ICP’s performance has been exceptional, with a notable 14.5% surge within 24 hours, a remarkable 75% increase over the past week, and a significant 60% rise in the last 30 days.
Following a substantial drop in early March, where ICP plummeted from $16 to $11 in a two-week span, the token has since rebounded and is currently priced at $20, starting the day at $17.35. Traders in the ICP market exhibit strong bullish sentiment, signaling caution for potential new entrants. With an overbought RSI sitting at 77 points and recent candlestick patterns showing significant body sizes, a minor correction towards a bullish support level near the EMA10 could potentially lead to a 20% retracement, considering the token’s rapid 75% appreciation in just a week.
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