Over the past few days, Fetch.AI (FET) has really stood out in the world of cryptocurrency, showing impressive growth and cementing its spot as one of the best performers. Just in the last day, it saw a whopping 42.31% increase, hitting a major milestone by surpassing the $2 mark for the very first time. This surge has got everyone wondering: could FET possibly hit $5 before the Bitcoin halving? Let’s delve into this FET price prediction piece and explore it further.
FET Price Prediction: How has the Fetch.ai price moved in recent days?
As of today, Fetch.ai is priced at $2.76, with a trading volume of $2.77 billion over the last 24 hours. Its market capitalization stands at $1.90 billion, with a market dominance of 0.08%. Notably, Fetch.ai has experienced a remarkable 39.58% increase in price within the past day.
The highest recorded price for Fetch.ai was reached on March 7, 2024, hitting an all-time high of $2.78. Conversely, its lowest price was observed on March 13, 2020, when it traded at an all-time low of $0.007972. Since its all-time high, Fetch.ai’s price has dipped to a cycle low of $2.56, while its peak since the last cycle low was $2.74. Presently, sentiment surrounding Fetch.ai’s price prediction leans bullish, with the Fear & Greed Index indicating a value of 82, signifying extreme greed among investors.
Out of a maximum supply of 1.15 billion FET, Fetch.ai’s circulating supply currently stands at 688.12 million FET.
Why Is Fetch.AI Price Up and Why Could the Price Explode Further?
The jump in FET’s price is all thanks to a big announcement from the Fetch.AI Foundation that’s got investors buzzing. They rolled out “Fetch Compute” on March 5, 2024, as part of a hefty $100 million investment to beef up development in the AI economy. It’s definitely turned heads in the market.
Fetch Compute’s plan to roll out top-of-the-line Nvidia GPUs like the H200, H100, and A100 models is aimed at supercharging innovation within the Fetch.AI ecosystem. This smart move, funded through the Fetch Ecosystem Fund, is all about giving developers and users the computing power they need to dive into creating advanced models and solutions. By tackling the ongoing GPU shortage head-on, Fetch.AI isn’t just raising the bar but also setting a new standard for developers worldwide.
FET Price Prediction: Fetch.AI Price Eyeing $5 Before Bitcoin Halving?
The recent surge in Fetch.AI’s price, driven by the Fetch.AI Foundation’s announcement of “Fetch Compute” and a $100 million investment in AI infrastructure, has sparked speculation about whether FET could hit the $5 mark before the Bitcoin halving. This surge is significant not just for Fetch.AI investors but also for the broader cryptocurrency market. With GPUs being pivotal in both AI computing and Bitcoin mining, there’s a connection worth noting.
The introduction of Fetch Compute may enhance AI development, potentially increasing demand for GPUs, which could indirectly impact Bitcoin mining, as GPUs are also used for mining operations. Moreover, as the Bitcoin halving event approaches, where mining rewards are reduced by half, the dynamics of the cryptocurrency market become even more pronounced.
GPUs are commonly used in AI computing tasks due to their parallel processing capabilities. As Fetch.AI’s “Fetch Compute” initiative aims to enhance AI development, it could lead to increased demand for GPUs. More companies and developers getting involved in AI projects powered by Fetch.AI might need GPUs to support their work.
Another cool announcement came through as well! Beginning March 7, 2024, if you stake Fetch.AI’s own coin, FET, you’ll earn Fetch Compute Credits. These credits are pretty handy because you can use them to tap into the computing power on the Fetch Compute network. It’s a win-win for FET holders because not only do they get rewarded, but it also helps build a strong development community around Fetch.AI.
If Fetch.AI continues its momentum and reaches $5, it could signify a significant achievement, particularly in anticipation of the Bitcoin halving. However, market conditions remain unpredictable, and factors such as regulatory changes and broader economic trends will also play crucial roles in determining Fetch.AI’s trajectory leading up to the Bitcoin halving.
Where to Buy FET?
For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.
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