Tokens tied to artificial intelligence (AI) and internet of things (IoT) projects Fetch.ai and Internet Computer have posted outsized gains as the broader cryptocurrency market mounts a significant recovery.
The market’s upward trend has pushed Bitcoin’s price above the psychological resistance level of $70,000, reaching a high of $71,500 before correcting back to $69.5K. The overall cryptocurrency market capitalization has increased from $2.6T to $2.64T in the last 24 hours, with the average trading volume spiking up 30% from $90B to $117B, according to Coinmarketcap.
Among the top performers in this rally are IoT cryptocurrencies, which seem to be spiking on positive market sentiment beyond just technical price performance. IOTA and Jasmycoin are leading the pack with big announcements.
The IOTA Foundation, the team behind the OG IoT cryptocurrency IOTA, today announced the launch of a $10 million investment fund at Investopia 2024 in Abu Dhabi. The company said the fund’s primary goal is to promote the development of TradeTech solutions and support the expansion of startups. Following the announcement, IOTA’s price spiked 7% to $0.36, reaching a maximum high of $0.373 before correcting alongside Bitcoin. IOTA is currently up 7% in the last 24 hours, 23% in the last week, and 30% in the last month.
JasmyCoin, the cryptocurrency project of Tokyo-based IoT provider Jasmy Corporation, is also up 7% on the day. The project has been in the spotlight of the IoT community, especially after gaining relevance during the 2024 bull run.
Today, Hiroshi Harada, CFO of Jasmy Labs, the tech arm of the Jasmy Corporation, announced a partnership with Panasonic to collaborate on an IoT platform.
#JASMY and #Panasonic Advanced Technology begin collaboration to develop #IoT platform.
We will spend 3-6 months building a platform that ties a personal data locker, a decentralized DB, to the IoT and allows device information to be attributed to individuals and provided to…
— HARA (@HARA_JasmyCFO) March 26, 2024
“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,” he said on Twitter.
JasmyCoin’s price went from $0.02 to $0.023 in the last 24 hours, with a daily high of $0.024 just a few hours ago. Its correction followed Bitcoin’s. The coin is currently up 7% in 24 hours, 36.4% in the last 7 days, and 42% in the last month.
AI cryptocurrencies are also performing well, but their gains seem more driven by market dynamics than by announcements or fundamentals.
FET, the native token of Fetch.AI, which defines itself as a “permissionless network upon which anyone can connect and access secure datasets by using autonomous AI to execute tasks that leverage its global network of data”, went from $2.6 to $2.9 today, an 11.6% growth in the last 24 hours.
The Bitcoin correction did not impact its price performance. FET is currently up 21.8% in the last week and 174.88% in the last month.
Fetch.AI is performing strongly, mostly driven by the hype around both AI businesses and the overall crypto industry.
Its FED token has been growing on top of its EMA10 (the line built by the average price performance of the last 10 days) and is showing some resilience to price swings marked by Bitcoin’s volatility. However, the token has been trading sideways since the last 15 days, so the bullish momentum may be losing power, especially considering that it was extremely oversold since mid February up until mid march, so this slow pace comes in healthy for the market. The average directional indicator (ADX), which measures how strong a trend is, is still strong at 43 and the RSI is at a healthy 65 points showing that there are still more bulls than bears despite the overall sentiment and the market volatility.
ICP, although not an AI cryptocurrency, has been linked to AI innovations, such as the first blockchain-based AI smart contract. The token is performing remarkably well, with a 14.5% spike in the last 24 hours, 75% in the last 7 days, and 60% in the last 30 days.
The coin recovered from a significant drop in early March when it crashed from $16 to $11 in about two weeks. Since then, the coin has been on an upward trend, reaching its current price of $20, starting the day at $17.35.
ICP traders are extremely bullish, to the point that newcomers should be cautious when considering joining in. The coin is axtremely oversold at 77 points and the last 3 daily candlesticks have been unusually big in body with small wicks. If the coin corrects to a still bullish support near its EMA10, a near -20% drop would not be too alarming considering it went up 75% in just a week.
Edited by Stacy Elliott.
