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- Bittensor crypto displayed a huge surge in its trading volume.
- AAVE and BRETT have a strong market presence in the global crypto market.
For several months, artificial intelligence (AI) strongly influenced the market, including the crypto ecosystem.
Experts, however, urge caution when investing in AI-crypto projects due to the developing nature of the industry. Rebecca Liao, CEO of Saga, advises thorough research and only investing funds within one’s risk profile to avoid falling prey to the fear of missing out.
Despite the risks, the intersection of AI and crypto is poised for exciting developments in the coming years, particularly in decentralized computing.
Crypto-AI startups are emerging as a focal point, incentivizing the contributions of computing power through tokens, which can lower AI operational costs.
Patrick Gruhn, founder of Perpetuals.com, highlighted the potential of blockchains to facilitate decentralized coordination of under-utilized computing power, addressing the growing demand for AI computing.
AI coins, which leverage AI to enhance blockchain networks’ user experiences, scalability, and security, support various projects like decentralized marketplaces, market predictions, and portfolio management.
Let’s take a look at one of the most popular AI Tokens:
1. AAVE
AAVE has very good liquidity, followed by a volume/market cap ratio of 11.57%. The crypto traded volume rose 108% in the last 24 hours, showing a surge in crypto trading activity.
AAVE/USD Chart by TradingView
A prior breakout from a descending triangle pattern in the AAVE cryptocurrency resulted in a notable 70% surge in its trading price.
The price action shows the cryptocurrency taking support at a horizontal demand zone while facing resistance and price rejection from a dynamic trendline above.
2. Bittensor
Bittensor displayed a surge of 175% in the trading volume to $101.788 Million. Additionally, the crypto market cap ranking is #50, as per CoinMarketCap, resulting in a market cap value of $1.615 Billion.
TAO/USD Chart by TradingView
The price of TAO followed a strong downtrend, followed by the formation of a lower low swing on the chart. A falling wedge pattern was formed, which broke down further, leading to a strong downtrend in the crypto.
3. BRETT
The price of BRETT declined by 15% over the last 24 hours, which has resulted in a market cap value of $1.614 Billion. Also, the crypto market cap ranking is #50, as per CoinMarketCap, followed by a surge of 175% in trading volume.
BRETT/USD Chart by TradingView
The price of BRETT has broke above its previous falling wedge pattern. Following this breakout, the price jumped, marking strong bullish candles. This initial surge was a 12% rise.
At the time of writing, BRETT was heading for the breakout levels, reflecting a potential consolidation phase. If BRETT forms a bullish pattern during this retracement and breaks above the previous candle high, it could signal renewed upward momentum.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
