Cardano (ADA) Prices Spike 9% After FET Tokens Are Introduced on the Blockchain

Cardano (ADA) prices experienced a significant spike this week. This increase was triggered by increased network activity as well as an important announcement

Cardano (ADA) prices experienced a significant spike this week. This increase was triggered by increased network activity as well as an important announcement from the Artificial Intelligence Alliance (ASI) which introduced FET tokens on the Cardano blockchain. This announcement creates a wave of optimism among investors and the crypto community, pushing ADA prices up by 9% since the announcement.

On September 7, SingularityNET announced that their native token, FET, is now a part of the Cardano ecosystem. This decision is due to Cardano’s network advantages in terms of low transaction fees, speed, and security. FET, which will be rebranded as a Cardano Native Token (CNT), will now be able to integrate better with the ADA ecosystem. The announcement led to a price increase, where FET tokens surged by 6.85%, while ADA rose by 8.39%.

According to Cointelegraph, Ben Goertzel, the CEO of SingularityNET, expressed his appreciation for Cardano’s infrastructure, mentioning that the network’s “mathematical uncertainty” will play an important role in the development of Artificial General Intelligence.

Not only is the price increasing, Cardano’s active address activity has also reached its highest point in the last five months. Data from analytics platform Santiment shows that ADA’s number of active addresses reached 52,077 on September 7, 2024, the highest since March this year. This increase comes ahead of a price spike, creating a short-term bullish sentiment in the ADA market.

Moreover, after a period of negative funding rates, Cardano’s funding rate turned positive over the weekend, indicating that traders were becoming more optimistic about an ADA price increase.

Cardano’s price increase was also influenced by its high correlation with Bitcoin (BTC). The data shows that over the last 90 days, ADA had a rolling correlation index of 0.74 with Bitcoin. This means that the positive Bitcoin price movement also contributes to the strength in ADA prices.

Over the weekend, Bitcoin managed to close above $54,000 and is now trading above $55,000, providing a bullish foundation for Cardano to build positive momentum from the SingularityNET collaboration.

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