As Bitcoin has recently recovered from its decline, the decentralized AI sector has also begun to pick up. According to Coingecko data, the overall market value of decentralized AI rose by 17.7% last week to $30.7 billion. In addition to the impact of the overall recovery of the market, decentralized AI is also expected to benefit from the following potential positives:
Trump's deputy Vance supports open source AI: On July 16, former US President Donald Trump announced that he had selected Ohio Senator J.D. Vance as his running mate for the 2024 election. Vance is not only a crypto industry supporter who holds Bitcoin, but also pays close attention to the development of artificial intelligence. In a post on March 4 this year, he pointed out that open source is a way to solve the bias of AI systems. This call is highly consistent with the concept of decentralized AI. If he is successfully elected as the vice president of the United States, relevant favorable policies may be introduced.
Grayscale launches new decentralized AI fund: On July 17, Grayscale announced the launch of its new decentralized AI fund, Grayscale Decentralized AI Fund LLC. Mainstream investors can now gain exposure to decentralized AI projects by purchasing traditional securities. The emergence of such funds may attract more funds and attention to the field of decentralized AI and promote the development of the entire industry. Currently, the project tokens in the fund basket include Bittensor ($TAO), Filecoin ($FIL), Livepeer ($LPT), Near ($NEAR) and Render ($RNDR).
AI Supercycle: Hedge fund Coatue has always been ahead of its peers in understanding macro and cycles. In this year's Investor Deck, they firmly believe that AI may trigger an unprecedented growth curve, the so-called "supercycle". On July 17, Anthropic, which developed the Claude chatbot, completed a round of financing of more than US$750 million. On July 18, OpenAI announced the launch of a new artificial intelligence model GPT-4o mini. Every major news in the traditional AI industry provides new impetus for the decentralized AI narrative.
Although decentralized AI has risen rapidly this year, it has not yet been fully recognized by mainstream centralized exchanges. This year, Binance only launched Bittensor, the leader of decentralized AI projects. Due to the small market value, many excellent decentralized AI projects have not yet been listed on more exchanges. Currently, on-chain purchases are still the most convenient way.
The Artificial Intelligence category has significantly boosted valuations in their respective portfolios, exhibiting similar price action, which highlights the increase in bullish sentiment in the cryptocurrency space. In this article, we take a look at the top three artificial intelligence (AI) tokens that could surge significantly in their respective portfolios over the next month.
The Alliance for Artificial Superintelligence (FET):
FET prices have increased by 3.26% in the past day and 23.36% in the past seven days. Despite a 12.36% drop in the past 30 days, the year-to-date return is 112.37%, indicating a long-term bullish trend. Technical indicators RSI and MACD indicate a continued rise in bullish sentiment, reflecting increased buying pressure on altcoins in the cryptocurrency market.
If the market continues to gain momentum, FET price is expected to test its resistance at $2.230. Conversely, if the bears regain control of the situation, FET token price might drop to a low of $1.050.
Turbo (TURBO)：
Turbo price continues to show positive movement, rising about 28% in the past day and 95.64% in the past seven days. Moreover, TURBO has surged 9.46% in the past 30 days, bringing the year-to-date return to 1,556.32%. The technical indicator RSI successfully tested and is heading towards the overbought zone, indicating an increase in bullish sentiment in the market. Moreover, the averages are recording positive trends, indicating that Turbo price will continue to appreciate.
If the market continues to trade under the bullish sentiment, Turbocoin price will test its upper resistance of $0.00945 in the coming weeks. However, if the bears regain control of the situation, the altcoin will retest its lower support of $0.00452.
Lumerin (LMR) ：
Amid heightened volatility in the cryptocurrency space, LMR prices have surged 23.87% over the past day, with a trading volume of $326,710 and a change of +246.36%. In addition, LMR has risen 165.92% over the past seven days and 50.62% over the past month. The green histogram of the Moving Average Convergence Divergence (MACD) has continued to rise since the beginning of the month, with the average steadily moving upward, indicating a positive outlook for the altcoin in the coming weeks.
If the bulls can sustain the Lumerin price above the critical support of $0.02610, the price could move towards the upper level of $0.04320. Conversely, a trend reversal could drop the LMR price to the critical support of $0.00975 in the coming period.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
