FET's Dramatic Rally

Artificial Superintelligence Alliance's token FET led the charge in the cryptocurrency market in the past 24 hours leading to Monday.

Artificial Superintelligence Alliance’s (ASI) token, FET, led the cryptocurrency market in the past 24 hours. The AI-related crypto asset surged from a $1.20 low to a $1.40 high during the period, representing roughly 17% in its price.

FET’s Dramatic Rally

FET began the past 24 hours with a 0.3% loss and a price of $1.20. However, the token price quickly surged higher and began to post double-digit gains. FET’s price reached a high of $1.40 at one point, continuing a strong rally that began last week.

As the surge slowed down, FET’s price dropped to a low of $1.32 before recovering slightly to trade above the $1.34 level. At this price, FET is still up by more than 11% over the past 24 hours.

Along the way, FET’s trading volume pumped by around 42% as $281.95 million worth of FET moved between wallets. The ensuing price action led to the market cap of its 2.631 billion circulating token to $3.36 billion.

Zooming out the charts reveals FET’s astounding 65% recovery in the one-week frame, 5% rise in the one-month range, and 542% spike at the one-year mark. Despite these significant gains, FET’s price remained over 61% below its all-time high of $3.47 five months ago.

TAO Trends with FET

Expectedly, Bittensor’s token TAO mirrored FET’s gain on a smaller scale. The AI coin jumped by roughly 10% from a $326.05 low and a $357.66 high within 24 hours.

As of this writing, TAO has managed to keep 6% of its gain at the $349 territory, alongside a 26% increase in its value across the week. The token’s all-time high came four months ago at $767.68, which is 55% higher than its price now.

Behind the Scenes

Anticipation for Nvidia’s Q2 2024 report is likely the main catalyst for FET and TAO’s synchronized movements. As of Friday’s market close, the giant tech firm’s stock added $5.63 to its value, increasing its price to $129.37.

Nvidia notably rose by 43% from its one-month low and over 157% in the past 52 weeks. Wider focus by the mainstream media and bullish Wall Street forecasts have vastly contributed to its hype mill. These are in addition to the perceived strong demand for its products and services and Bitcoin’s (BTC) strong resurgence to the $64K region today.

Investopedia estimates that Nvidia’s stock could find critical support between $97 and $116. Meanwhile, its resistance could be somewhere between $136 and $170. All these depend on the outcome of the company’s Q2 report and the ensuing investor sentiment.

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