The cryptocurrency universe seems to have come out of the subdued phase. Despite all the geopolitical tensions, crypto assets’ comeback is notable. Bitcoin, which fell below US$40,000, is now back to over US$44,000.
This shines the spotlight on the ability of these assets to quickly rebound. As the crypto world is made up of a variety of assets, from blockchain networks to gaming tokens, let’s know about one project that claims to combine artificial intelligence with blockchain’s decentralized features.
What is the Fetch.ai cryptocurrency?
The name suggests the project’s linkage with artificial intelligence. The Fetch network claims that it helps users deploy digital twins on the blockchain.
Digital twins can be understood as a digital representation of some physical object. The concept helps create simulations and gather an understanding of the object’s performance in the real world.
Also read: Waves crypto outperforms Bitcoin in 2022, what’s its price prediction?
Fetch.ai claims to take the concept of digital twins to the blockchain, which it says makes the AI space decentralized. The platform boasts of easy scalability, besides claiming its use in metaverses. Metaverse is one of the top trends in cryptos, more so after Mark Zuckerberg’s plunge into the space last year
FET crypto
FET serves as the in-house token of the Fetch.ai network. The token can be used by developers to deploy their digital twins on the network. The FET token can also be staked as it has use in the validation process of the Fetch network.
FET crypto’s price
As of writing, the FET crypto was manifesting the same bullish trend as the wider crypto world. The token was up nearly 35 per cent with respect to price, and the trading volume was up almost 800 per cent.
The market cap of the FET crypto is nearly US$290 million. Though it is not a top 100 crypto as of now, it has gained traction lately.
Also read: Top 3 cryptos under $0.0001 to watch in the near term
FET crypto price prediction
FET is trading at a price of nearly US$0.4, and it has lost value on a year-to-date (YTD) basis. But the price had dropped under US$0.25 a few days earlier and it has rebounded.
FET crypto’s all-time high price is US$0.95 that it attained in September last year. If Fetch.ai establishes its utility in the artificial intelligence space and in enabling digital twins on blockchain, the native FET token may find more use and the resulting demand may take the price to US$1 by the end of 2022. A sustainable rally coupled with the adoption of Fetch.ai by developers may even take the price to double digits by 2025.
Data provided by CoinMarketCap.com
Also read: Why are cryptos up today? 3 possible reasons
Bottom line
The FET crypto has primary use within the Fetch.ai network, where it can be used for payment by developers as well as for staking and validation processes. That way, FET crypto’s price could be the product of the performance of the network. It may reach US$1, but for this, the ongoing rally in cryptos must sustain in the medium-to-long term.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
