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Expect Opportunities Within Small and Mid-Cap Altcoins Once Correction Settles: Analyst Jamie Coutts
Published
1 week agoon
By
admin![](https://blocknewsmedia.com/wp-content/uploads/2023/12/the-Fire-of-Crypto.jpg)
Crypto analyst Jamie Coutts says that the current correction in digital assets is likely a mid-cycle dip that could be taken advantage of.
Coutts says on the social media platform X that Bitcoin (BTC) and Ethereum (ETH) have held up much stronger than other crypto assets, implying that a potential mean reversion is on the table for smaller projects.
“Smaller cap crypto assets have been taking it on the chin since March high of this year. The past three months have seen the Top 200 equal weight index fall 33% vs. the Market Cap index, which is down around 12%.
This is the breakdown of the three-month sector returns from my crypto classification framework:
Smart Contract Platform -31.58%
Infrastructure -43.28%
Digital World -44.13%
Digital Currency -31.59%
DeFi -31.15%
Applications -38.33%
BTC and ETH have held up -11% and 5%, respectively.
If this is a regular mid-cycle correction we are experiencing, which I believe is likely, then expect some opportunities to be had in the mid and small caps once the market settles.”
When the rebound happens, Coutts says decentralized artificial intelligence (AI) is another sector that has “genuine opportunity,” but the analyst doesn’t mention any specific coin or project.
Coutts also shares a chart comparing a declining price index of layer-1 smart contract platforms to an increasing number of their daily active users (DAUs). The analyst suggests that the divergence is one of the best signals of health in the crypto ecosystem.
“Web3 users seem less price-sensitive than in the previous cycle.
The number of daily active addresses (DAUs) on SCP (smart contract platform) blockchains is up 30% since March, while the SCP sector index is down approx 30%.
In a sign of how wild the last cycle was, prices are 37% below the all-time high, yet DAUs are 2.6x higher (4.2 million to 11.2 million).
One doesn’t equal the other but if you are looking for a signal on the health of the crypto ecosystem, this is one of the best.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Sam Altman’s OpenAI Acquires Rockset To Boost AI Capabilities
Published
5 days agoon
June 21, 2024By
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OpenAI, led by Sam Altman, has acquired Rockset, a prominent real-time analytics database company while sparking discussions in the technology market. Notably, this move reflects OpenAI’s focus on enhancing its real-time data capabilities.
Notably, this acquisition aims to integrate Rockset’s advanced data indexing and querying technology with OpenAI’s AI infrastructure. According to the announcement, it would allow the AI leader to enhance the efficiency and intelligence of its applications.
OpenAI Acquires Rockset Amid AI Push
OpenAI’s acquisition of Rockset marks a significant step in the company’s mission to revolutionize data utilization through artificial intelligence (AI). OpenAI’s COO, Brad Lightcap, emphasized the transformative potential of Rockset’s technology in enabling users to convert their data into actionable insights.
By leveraging Rockset’s infrastructure, OpenAI plans to improve its retrieval systems, which are fundamental to the performance of AI products and intelligent applications. Notably, Rocket is renowned for its expertise in real-time analytics, allowing enterprises to access and query data swiftly.
Meanwhile, this capability is increasingly critical in the AI space, where the ability to handle large volumes of data in real-time can significantly enhance the performance of AI-driven solutions. Besides, Rockset’s integration is expected to empower OpenAI’s users and developers by providing seamless access to real-time data. On the other hand, it would also aid in fostering the development of more intelligent and responsive applications.
Venkat Venkataramani, CEO of Rockset, expressed enthusiasm about the acquisition, highlighting the synergy between the two companies’ visions. Venkataramani noted that joining forces with OpenAI will enhance its ability to empower enterprises by integrating powerful data retrieval capabilities into AI applications.
Notably, this collaboration aims to bridge the gap between data and actionable intelligence, offering users an unique ability to harness their data effectively.
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Enhancing AI Capabilities
The acquisition reflects OpenAI’s commitment to advancing its AI technology by integrating cutting-edge data infrastructure. As OpenAI continues to innovate, the incorporation of Rockset’s technology is poised to play a crucial role in enhancing the real-time capabilities of its AI solutions.
Meanwhile, the integration will support the development of more efficient data retrieval systems, ensuring that OpenAI’s products can leverage real-time information to deliver superior performance. In addition, the strategic acquisition aligns with OpenAI’s broader objective of transforming how organizations utilize their data.
The addition of Rockset’s team to OpenAI further strengthens the firm’s technical expertise, bringing valuable insights and experience in real-time data analytics. This collaboration is anticipated to boost OpenAI’s efforts to push the boundaries of AI technology and provide users with more powerful and intelligent tools.
Meanwhile, the news comes amid a time of major developments in the AI space. Recently, Dell has announced to building of an AI factory with Nvidia to boost Grok’s capabilities. Notably, Grok is the generative AI model of Elon Musk’s artificial startup xAI.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
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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Dell To Build AI Factory With Nvidia, Eyes Powering Elon Musk’s xAI Grok
Published
7 days agoon
June 19, 2024By
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Dell Technologies Inc., an American technology giant, has recently revealed that it is building an AI factory with Nvidia, a pioneer in GPU and AI super chip production. The collaborative efforts between the two entities comes as an effort to boost Grok, a generative AI model brought by Elon Musk’s artificial intelligence startup, xAI.
The news, as revealed by Michael Dell, Chairman and CEO of Dell Technologies, promptly nabbed significant attention across the industry, aligning with the heating-up of the global race for AI. So, let’s delve deeper into this announcement.
Michael Dell Says AI Factory With Nvidia In The Works
In a post shared by the Dell CEO on X today, June 19, he stated, “We’re building a Dell AI factory with Nvidia to power Grok for xAI Elon Musk.” The collaborative venture with Nvidia possibly aims to leverage the chip manufacturing giant’s AI-related services.
Notably, Nvidia has recently emerged as a pioneer in the industry, beating Microsoft in valuation with a $3.335 trillion market cap. This surge in value comes against the backdrop of the global AI boom and demand for GPUs in recent years.
Moreover, Elon Musk’s artificial intelligence startup’s plans to leverage Nvidia and Dell further come as a mover to capitalize on emerging opportunities across the AI sector in tandem with Nvidia’s growth. xAI’s chatbot, Grok, appears to be preparing for a revolutionary upgrade.
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Elon Musk Forges Ahead With AI
Meanwhile, in light of Musk’s ventures to make X an everything app, the latest development has echoed a buzz. Notably, X already boasts Grok on its platform, while Grok utilizes data all over the social media platform to function seamlessly. The abovementioned mover is anticipated to upgrade the user experience even more.
Meanwhile, additional information on the matter is much-awaited, whereas the community is also awaiting the comments of American entrepreneur Musk. It’s worth noting that X also revealed plans to launch a Venmo-like payments feature on its app X recently, further solidifying motives to become an everything app.
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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.
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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Top Crypto Trader Turns Bullish on Worldcoin (WLD) and Two of Ethereum’s Biggest Rivals – Here’s His Outlook
Published
3 months agoon
March 15, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/03/top-wld-two-his.jpg)
A closely followed crypto trader is flipping bullish on Sam Altman’s identity-focused crypto project Worldcoin (WLD).
Pseudonymous trader The Flow Horse tells his 200,300 followers on the social media platform X that artificial intelligence (AI)-related Worldcoin appears like it could flip the $10 level into support.
He suggests that Worldcoin could also get a boost from the upcoming GTC conference hosted by Nvidia (NVDA), the leading provider of chips specially designed to train and run AI applications, which could increase interest in projects involved in the AI world.
“Six days until the NVDA conference [March 18 through 21] and WLD looks like this holding $10.”
Worldcoin is trading for $9.50 at time of writing, down nearly 7% in the last 24 hours.
Next up, the trader believes that Ethereum (ETH) competitor Solana (SOL) could soar more than 22% from its current value.
“Once SOL clears up $150-$160 zone, I think blue skies up until $200.”
Solana is trading for $163.81 at time of writing, up 10.5% in the last 24 hours.
Lastly, the trader thinks ETH competitor Avalanche (AVAX) has more upside potential after breaking the $50 level and experiencing high trading volume.
“Bought AVAX a little early before the drop. Unfortunately, I was out when we had the dip so couldn’t add.”
AVAX is trading for $54.24 at time of writing, up more than 29% in the last week.
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