AI
This Catalyst Could Trigger a Parabolic Rally in Total Crypto Market Cap, Says Analyst Jamie Coutts
Published
2 months agoon
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adminA closely followed crypto analyst says that one catalyst could cause the crypto market to take off on a parabolic rally.
Jamie Coutts, the chief crypto analyst at Real Vision, says that artificial intelligence (AI) offers massive growth potential for crypto.
“What happens when AI agents start using crypto? The exponential growth curve goes parabolic.”
Looking at his chart, the analyst suggests that by 2030 the combined market value of smart contract platforms could reach between $15 trillion and $25 trillion through the use of digital assets and blockchain technology by AI agents.
Next up, Coutts says that key indicators are signaling a market bottom is forming for altcoins.
However, the analyst says some altcoins projects may never recover and others may trade around in a range for a while before soaring to new all-time highs (ATHs) later this year.
The analyst looks at the top 200 equal weight index, which tracks the performance of the top 200 cryptocurrencies by market capitalization relative to Bitcoin (BTC), the daily active user (DAU) count of smart contract platforms and the altseason indicator.
“The index is still trending down but the altseason indicator shows that the recent washout when it hit 10% (only 10% of top 200 were outperforming BTC on a 90-day look-back) was likely a relative momentum bottom. At least historically, this has been the case. Although, alts could still bounce around these levels for a while before we see a concerted take-off, many have started to build decent bases. DAUs are up 97% year-to-date. Yes, growth has slowed in the past month but we are on track to hit greater than 20 million, which is up from 6 million in 2023. Growth continues unabated…
However, sifting through shitcoins is tiring and its clear that many, due to a combination of factors – supply/unlocks, sub-optimal tokenomics, poor PMF (product-market fit ), absent community et al., will never reclaim their ATHs. Importantly, it’s evident that some of the stronger layer-1s and decentralized applications (dApps) will. Continue to monitor the growth metrics. Some will hit new ATHs in second half 2024.”
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Bittensor tops crypto charts as AI tokens ride Nvidia wave
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adminDecentralized AI project Bittensor skyrocketed to the top of the weekly gainers’ list, riding the wave of Nvidia’s stock surge.
Bittensor (TAO) topped the charts this week as the biggest gainer among the top 100 cryptocurrencies with a solid 31% price jump. At the time of writing, TAO ranked 41st by market cap which stood at over $2.51 billion, with its price up 8.87% in the last 24 hours, trading at $313.59.
TAO’s recent climb can be credited to Nvidia Corp’s stock rallying 13.5%, closing at $119.08 on Sept. 13. This surge pushed Nvidia’s market cap to a whopping $2.92 trillion, according to MarketWatch.
With Nvidia stocks up 140.5% so far this year, the momentum has lifted TAO and other AI-focused cryptocurrencies along with it, pushing the AI-crypto market cap up by 0.8% in the last 24 hours. According to CoinGecko, the total market cap for AI tokens now stands at $23.9 billion.
AI tokens typically move in tandem with Nvidia’s stock. On Sept. 4, tokens like Artificial Superintelligence Alliance (FET) and Render (RNDR) fronted double-digit losses after a 9.5% dip in Nvidia’s stock. Back in February, these tokens rallied after Nvidia’s strong Q4 2023 earnings, and a similar buzz also built up ahead of its Q2 2024 report.
TAO primed for liftoff
The 1D TAO/USD price chart from Sep. 14, signals a strong bullish trend, suggesting a potential for upward movement.
The Moving Average Convergence Divergence has crossed above its signal line, and displaying longer green bars on the histogram, both positive signs for upward momentum.
Moreover, the Relative Strength Index currently stands at 59, indicating the asset is in a healthy trading zone, still far away from overbought levels.
This provides room for potential growth without immediate concerns of a pullback due to overvaluation, painting a bullish outlook for the token’s short-term price trajectory, with further gains expected in the short term.
Market observers on X are echoing a similar bullish sentiment. According to analyst Marco Polo, TAO is currently ranging between $268 and $357. He expects a powerful upward move once TAO breaks above the $357 mark.
Meanwhile, analyst Ramon shares a similarly bullish outlook but identifies a slightly higher key resistance around the $400 mark.
Ramon predicts that TAO could reach the $3,000 to $5,000 range of this bull run, depending on liquidity moving out of Bitcoin and the strength of the overall AI narrative, which has been further fueled by recent developments like Apple’s announcement of its generative AI at the iPhone 16 event.
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At least 19 startups raised venture capital funds over the past seven days, with the largest round going to Huma Finance, a tokenized real-world assets platform.
Huma announced on Sept. 11 that it received $38 million in a fund-raising effort led by Distributed Global. Hashkey Capital, the Stellar Foundation, Folius Ventures, and Turkish private bank İşbank also participated.
The company plans to use the $10 million in equity financing and $28 million via yield-bearing RWAs to expand its PayFi network globally. It also plans to go live on Solana (SOL) and Stellar (XLM)’s smart contracts network in coming months.
This week’s crypto VC funding column pulls the latest announcements from X.com and the investment tracker, Crypto Fundraising. Here’s what was announced between Sept. 8 and Sept. 14:
Fuse (Project Zero), $12 million
Fuse, a London-based decentralized renewable energy developer, secured $12 million in a funding round led by Multicoin Capital.
PIN AI, $10 million
PIN AI, an AI infrastructure company, confirmed $10 million in pre-seed funding. The startup aims to develop the world’s first open-source Personal Intelligence Network (PIN).
The list of backers includes: A16z CSX, Hack VC, Blockchain Builders Fund (Stanford Blockchain Accelerator), NEAR Protocol founder Illia Polosukhin, SOL Foundation president Lily Liu, Symbolic Capital, Mysten CEO Evan Cheng, dcbuilder (Worldcoin Foundation), Foresight Ventures, Nomad Capital, Cresta co-founder Tim Shi, Espresso CEO Ben Fisch, Gitcoin co-founder Scott Moore, Alumni Ventures, and Dispersion Capital.
DRiP, $8 million
Drip Labs, the startup behind Solana-based creator platform DRiP, collected $8 million in seed funding on Sept. 9. NFX led the effort. Coinbase Ventures and Progression also drew participated.
Nytro Lab (Castile) CAST, $8 million
Hong Kong-based developer Nytro Lab nabbed $8 million in funds. Proceeds will likely go toward Nytro Lab’s inaugural blockchain game, Castile, which entered beta testing on Sept. 10.
SevenX and OKX Ventures led the round. Aptos Labs participated alongside Amber Group, HashKey and Leland Ventures. Matr1x, a co-publisher of Castile, is also backing Nytro Lab.
Infinit, $6 million
The Block reported that Infinit raised $6 million in a funding round. Electric Capital, Mirana Ventures, Hashed, and Arthur Hayes’ family office, Maelstrom, took part in the effort.
Moku, $5.35 million
Moku raised $5.35 million. Sky Mavis and A16Z GAMES led the round with participation from a long list of backers, including Contango Digital Assets, Arca, Framework Ventures, Bankless Ventures, DRW’s Richard Dai, Flori Ventures’ Holly Liu, 32-Bit Ventures and Phantom’s Jason Lee.
Rounds < $5 million
- Blocksense Network: $4 million in seed round funding led by Permutation
- Syrupal Protocol: $3.75 million seed round; valuation now $25 million
- Fountain Platform: $3.5 million in financing; Its backers include Foundation Capital, Caladan, Primal Capital, Druid Ventures, MHC, United Overseas Bank, NGC Ventures, Marin Ventures and Blockchain Founders Fund.V
- Wingbits: Stockholm-based protocol raised $3.5 million from Borderless Capital and Tribe Capital, alongside Antler and angel investors.
- Titan: The fundraise totaled $3.5 million and was led by Round13 Digital Asset Fund; RN Financial Corp also participated.
- T1 Protocol: The Ethereum scaling solution T1 Protocol has successfully raised $2.5 million in a pre-seed funding round. Investors include A16z, Espresso, Frax, Cow Swap, ETH Global, ENSO, Injective and Titan.
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For last week’s column, click here.
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24/7 Cryptocurrency News
Elon Musk Advocates for Controversial AI Bill, Counters OpenAI & Google
Published
3 weeks agoon
August 27, 2024By
adminTesla and SpaceX CEO Elon Musk has recently voiced support for a California AI Safety Bill, garnering attention across the wider industry. The Bill, SB 1047, comes as a one-of-a-kind mover scoping in on artificial intelligence development. Meanwhile, other industries’ prominence continues to tear into this AI bill, with OpenAI, a vital industry player, even eyeing support for another bill.
Elon Musk Supports SB 1047 California AI Bill
In a post shared on X on August 27, the American entrepreneur stated, “This is a tough call and will make some people upset, but, all things considered, I think California should probably pass the SB 1047 AI safety bill.” This statement by Elon Musk, as AI giants continue to rip apart the mentioned bill, has gained significant traction across the industry.
The SB 1037 Bill mandates AI devs spending more than $100 million in curating a model to conduct ‘safety testing.’ Should the firms violate the Bill and cause damages exceeding $500 million, the attorney general remains liable to take action against the developer.
However, the Bill garnered severe criticism from industry giants such as OpenAI and Google. Recently, OpenAI Chief Strategy Officer Jason Kwon hinted that the California AI bill could hinder the growth and progress of key industries. Simultaneously, Sam Altman’s OpenAI appears to be pushing for another AI bill, contrary to Elon Musk’s support of SB 1047.
OpenAI Supports AB 3211 AI Bill
Conversely, the ChatGPT maker appears to be supporting the AB 3211 AI Bill that requires the ‘watermarking’ of AI, aka synthetic content. This new Bill mandates tech companies to label AI-generated content, spanning from harmless memes to deepfakes aimed at spreading misinformation about political candidates.
Nevertheless, the AB 3211 currently remains dwarfed due to the SB 1047. Meanwhile, industry-wide speculation remains whether the California AI ‘Safety Bill’ will be used to crack down on open-weights, i.e., firms offering public access to their trained models.
Ethereum co-founder Vitalik Buterin further replied to Elon Musk’s post on X today, revealing that recent Bill-wise developments illustrate efforts to engulf open-weights under its umbrella. However, he also added that the “charitable read of the bill is that the (medium-term) goal is to mandate safety testing.”
Meanwhile, in another riveting turn of events, the Tesla & SpaceX CEO’s social media platform X has garnered global attention. Following Telegram founder Pavel Durov’s arrest, Elon Musk agreed that X might be next to censorship scrutiny.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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