The crypto market had a bullish week on average, as BTC gained nearly 11% this week. The larger crypto market tends to move with BTC’s sentiment, as it holds the largest market cap and has a dominance of 56.2%. In the meantime, some of the top AI cryptos emerged as winners in the market.
Like many altcoins secured some gains this week, AI coins were not left out of the rally. The Artificial Intelligence coins were on fire, too. The overall market cap of AI coins surged by 5.6%, which amounted to $4.11 Billion, with a tremendous 24-hour trading spot volume of $447.146 Million.
While many AI-themed cryptos showed a resurgence, Artificial Superintelligence Alliance (FET), SingularityNET (AGIX), and Oraichain (ORAI) registered the highest gains. Here’s how it happened.
Top AI Crypto Race: Is FET a Roaring Tiger or a Paper Tiger?
KuCoin has finalized the merging of Ocean Protocol (OCEAN) and SingularityNET (AGIX) tokens into Fetch.ai (FET). These tokens are associated with the establishment of the Artificial Superintelligence Alliance.
Thankyou @kucoincom for supporting the future of Decentralized AI and the Artificial Superintelligence Alliance token merger, completing the OCEAN & AGIX to FET migration process.
Your support is valued by everybody in the community and the team!https://t.co/bpHDF39aIG pic.twitter.com/Bm035IJutX
— Artificial Superintelligence Alliance (@ASI_Alliance) August 21, 2024
As of the time of writing this, according to the Coinmarketcap website, Fetch.ai has been rebranded as the Artificial Superintelligence Alliance with the ticker FET. Eventually, all tokens will be combined to form a unified token for all assets referred to as ASI.
Unless an official announcement states otherwise, trading and investing will be conducted using the FET ticker until this change occurs.
As of the time of writing, FET had risend by 9% to $1.32 intraday. Its market cap has risen to $3.327 Billion, placing it 27th globally. The recent 32% surge in spot volume indicated a growing demand, amounting to $278.53 Million. The liquidity has grown in the asset, as the 24-hour liquidity ratio was at 8.33%.
FET rose 62% this week, breaking out from the falling wedge pattern. The price pierced 20-day and 50-day EMAs while turning bullish.
However, the 200-day EMA is dependent on future optimism. Once it breaks through the 200-day EMA band, the price could experience a rally continuation.
Given that the current northward movement initially originated from a significant demand zone, chances are higher that a boastful rally could continue northward.
Does AGIX Resonate With FET Growth?
AGIX and FET are now strongly related to each other after their merger and the formation of the alliance. The token was delisted from major exchanges globally as KuCoin completed its merger into FET.
Announcement of merger | Source: KUCOIN
However, the AGIX/WETH is still available on UNISWAP and has copied the recent growth of FET with nearly 62.9% this week.
After the merger, KuCoin no longer supports deposits and withdrawals, but The deposit, withdrawal, and trading services of FET tokens remain open. As AGIX to FET was converted at a ratio of 1 AGIX to 0.433350 FET.
Therefore, UNISWAP could delist AGIX soon, and the users could turn to FET, as the AGIX would be nontradeable after the merger.
Is $10 Next for Oraichain (ORAI)?
ORAI ranked 412th on Coingecko, it gained 18.5% this week. After a long deterioration, the last seven days’ price behavior displayed bullishness at an important demand zone.
The price action produced a declining wedge, and the coinciding support of the lower border of the wedge with the demand zone increased the confidence of bulls in the asset.
This week’s recent surge has pierced the 20-day EMA band and now approaches 50-day and 200-day EMA. Based on the momentum, it can charge ahead for the wedge’s upper border.