Monat: Februar 2023

• Artificial Intelligence (AI) assets have surged in 2023.

• In the US, C3.ai stock price has more than doubled.

• AI cryptocurrencies like SingularityNET, Fetch, and ALI have surged.

Artificial Intelligence (AI) has been the most popular phrase in 2023 following the successful unveiling of ChatGPT by OpenAI. In the aftermath, most investors have flooded to AI assets. In stocks, the C3.ai stock price has soared by over 124% in the past 30 days. 

The performance has also happened in the crypto industry. Recently, Justin Sun, the founder of Tron announced that his organization will start working on AI. At the same time, many cryptocurrencies with an AI and big data tilt have done well. 

However, historically, such parabolic moves end in tears. For example, in 2021, the talk of town was on the best metaverse cryptocurrencies like Decentraland and Sandbox. Their tokens then crashed in 2022. Similarly, gaming cryptocurrencies like Gala and MOBOX also crashed.

Therefore, it might be rewarding to be contrarian and short some of the high-flying AI cryptocurrencies that are soaring.

SingularityNET | AGIX and SDAO

SingularityNET’s tokes, AGIX and SDAO have surged in the past few months. They have jumped by 647% and 340%, respectively in the past 30 days. According to CoinMarketCap, they have soared by 195% and 252% in the past 7 days. This makes them some of the best-performing coins in the industry. 

SingularityNET is building a decentralized AI platform where anyone can search and buy AI products. Developers can also build and sell their AI products. It also has a Domain Specific Language (DSL). While the ecosystem is growing, I suspect that the AGIX and SDAO prices will retreat soon, as I wrote in this article.

How to buy SingularityNET

Fetch.ai | FET

Fetch.ai is another AI cryptocurrency that has done well in 2022. The token has surged by over 200% in the past 30 days and by 90% in the past 30 days. Fetch is a platform that builds autonomous agents that help developers to automate repeatable processes. It helps to power peer-to-peer applications with automation and AI.

Like SingularityNET, the main reason why FET price has jumped is because of its AI tools. It also introduced staking a few months ago and got listed by several exchanges. However, with no major catalysts, I suspect that the coin will come back to earth as momentum wanes.

How to buy Fetch.ai

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy FET with eToro today Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy FET with Bitstamp today

Artificial Liquid Intelligence | ALI

Artificial Liquid Intelligence has moved from nowhere to become one of the biggest cryptocurrencies in the world. ALI, its token is now valued at over $280 million. Yet little is known about the coin, other than the fact that its name has AI in it. Reminds me of when bogus companies used to introduce dot com suffix during the dot com bubble. 

ALI is the native token for Alethea AI, which describes itself as the world’s first multimodal AI system that generates characters from natural language. According to its website, it is backed by Binance, Crypto.com, and Multicoin Capital. Therefore, like Fetch and Singularity, I suspect that ALI price will nosedive soon.

Please note that this criticism is based purely on price action and the fact the ongoing rally is not sustainable. It is also guided by the statement that investors should always be greedy when everyone is greedy.

How to buy Artificial Liquid Intelligence

As ALI is such a new asset, it’s yet to be listed on major exchanges. You can still purchase ALI using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy ALI right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for ALI

Now that you’re connected, you’ll be able to swap for 100s of coins including ALI.

The post Top AI cryptocurrencies to short amid elevated hype appeared first on CoinJournal.

• Gifto is a blockchain project in the gifting vertical.

• The token soared after exchanges like Binance and Gate.io listed it.

Gifto price has just gone vertical as the gifting platform continued its evolution. GFT token surged by over 170% in the past 24 hours, according to data compiled by Binance. It jumped to a high of $0.080 as investors welcomed the new developments. 

GFT listed by Binance

Gifto is a blockchain project that was launched in 2017. It operates in the gifting space, where it helps people create, store, and gift blockchain presents to friends and loved ones. Users can also send crypto gifts to charities.

The main catalyst for the ongoing Gifto price rally is the ongoing token swap. The developers started transitioning from GTO, the previous token, to GFT. GTO is an ERC token while GFT is based on Binance’s standard of BEP20.

The other catalyst for the GFT price is that Binance has completed relisting the token as part of its support for the current transition. Binance joins other exchanges that have listed GFT in the past few days. For example, MEXC listed Gifto in its Innovation Zone, making it available to thousands of people. Further, Bitget has also completed the GFT token swap and listed GFT/USDT in its AI zone.

Other exchanges like Gate.io, Bitrue, and OKX are also taking part in the token swap. Historically, cryptocurrency prices tend to do well after being listed by major exchanges like Binance and Coinbase.

Gifto staking upcoming

Meanwhile, Gifto announced that staking will start this week. In a statement last week, the developers announced that GFT holders will be able to deposit their coins and earn rewards this week. The developers are pushing their megaexpansion.

However, it is unclear whether the current rally will continue. Historically, crypto prices tend to rally for a while amid the listing momentum and then pulls back as the momentum fades. 

At this moment, it is impossible to do a real quantitative GFT price prediction because it is trading for the first day in most platforms. However, I suspect that the GFT/USDT price will retreat and possibly retest the important support level at $0.050. 

How to buy Gifto’s GFT token

The post Here’s why Gifto (GFT) price just went parabolic appeared first on CoinJournal.

• Bitcoin diverges from the FX market and ignores the recent dollar’s strength
• Positive momentum builds up
• Possible pennant formation points to a move above $30k

The US dollar reacted to the recent monetary policy decision in the United States and the strong economic data for January. As such, it gained against its peers, with the best example being EUR/USD.

The exchange rate dropped from above 1.10 more than three big figures (i.e., three hundred pips). But Bitcoin ignored the dollar’s strength.

Indeed, the price action corrected a bit, but that was pretty much all. Instead of correlating with the FX market, Bitcoin diverges as bullish conditions remain. Moreover, momentum builds up, with another leg higher possible.

Possible pennant hints at a move above $30k

Bitcoin builds momentum just below the main resistance. Back in the summer of 2022, Bitcoin failed at $24k.

It tried its hand three times in a row, lost the momentum, and made a new lower low in the last months of the year. But the 2023 rally erased all that weakness.

The consolidation below the resistance looks like a triangular formation. More precisely, like a pennant.

A pennant’s measured move is equal to the distance prior to the pennant, projected from the pennant. In other words, it points to above $30k, should Bitcoin overcomes resistance.

If Bitcoin leads the way for the dollar, it should be used as a benchmark for the FX market. Therefore, one should not be surprised to see the EUR/USD making a new high for the year and erasing all the NFP losses.

For Bitcoin to trade above $30k the dollar should not diverge. Hence, the chances are high for the dollar’s strength in reaction to the January NFP report to be transitory.

The post Bitcoin ignores the recent dollar’s strength; positive momentum builds up appeared first on CoinJournal.