AI Crypto: The next big thing
AI crypto tokens will surely be the next big thing in the industry, an image of Metaverse mania, Defi boom, or meme coin explosion.
ChatGPT and other AI-based technologies have been viral across social media and the business world. Will this make three altcoins stand-out winners in the next bull market?
Understanding AI Crypto: How trading narratives can bring profit
Narratives are important for incredible rallies or declines, does not matter if they are accurate or not. For instance, the last Bitcoin narrative was aggravated by its use as an inflation hedge. But when the inflation hedge surfaced, the top cryptocurrency was hit by one of its worst downtrends to date.
Other latest narratives include Defi driving Ethereum and similar coins higher, or when Metaverse tokens rose rapidly after Mark Zuckerberg changed the parent company's name to Mera (earlier Facebook).
NFTs also helped Ethereum and newbies like Solana. Elon Musk made meme coins go viral by just tweeting about it.
The one thing common in all these assets is that the narratives made money while being in markets, it is all that matters. For savvy cryptocurrency investors exploring the next big narrative, you don't have to look beyond two letters: AI.
AI Crypto and ChatGPT
OpenAI's ChatGPT is currently all over social media. The AI tool has already passed the Medical License Exam, Bar Exam, and MBA exam. People are using it to write articles, solve questions, and tweets, do homework, and perform tasks automatically. People are even using it for Bitcoin as various celebrities. The platform has shown sheer potential.
Crypto AI Tokens on the edge of a new "Bull Cycle"
Although no AI crypto tokes share any resemblance with ChatGPT, projects with links with anything AI has recovered more significantly from cryptocurrency bear market lows.
For instance, Fetch.ai(FET), is up roughly 480% from its lows and is up over 200% in January 2023 itself. Ocean Protocol (OCEAN) is another great example, with a 230% recovery from lows and more than 100% year-to-date. SingularlyNet (AGIX) beats them both with a low put in three months before and more than 600% gains from the low. AGIX jumped over 460% during January 2023 with a full week still left.
The results are surprising, but there's still a lot more to see. Jason Soni, Crypto and Currency Analyst at Elliott Wave International recently made a video on three AI-based crypto tokens that may be on the verge of a new bull cycle.
The three cryptocurrencies analyzed in the video are AGIX, FET, and OCEAN. You can find Soni's analysis on Elliott Wave international's Crypto Trader's Classroom, which brings three new videos every week. The video explains where these altcoins are in their current market cycle and breaks down why there could be more upside in the future.
