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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admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Jamie-Coutts-total-market.jpg)
A 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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Elon Musk Advocates for Controversial AI Bill, Counters OpenAI & Google
Published
1 week agoon
August 27, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/08/Elon-Musk-OpenAI.jpg)
Tesla 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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Akash, Render, Bittensor tokens brace for Nvidia earnings
Published
2 weeks agoon
August 24, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/08/crypto-news-Nvidia-option05.webp.webp)
Artificial Intelligence-focused cryptocurrencies — and stocks — will be in the spotlight next week as Nvidia publishes its quarterly results after the closing bell on Wednesday, Aug. 28.
Ahead of the event, Akash Network (AKT) has risen by 10% in the past seven days. Similarly, Bittensor (TAO), Render Token (RNDR), and Artificial Superintelligence Alliance (FET) have both jumped by over 30% in this period.
According to CoinGecko, the market cap of all AI tokens rose by over 13.7% on Aug. 24 while the trading volume rose to $1.7 billion.
![Akash vs Render vs Bittensor](https://crypto.news/app/uploads/2024/08/AKTUSD_2024-08-24_17-05-36.png)
These gains came on the heels of Federal Reserve’s Jerome Powell recent speech where he hinted that interest rates will be cut in September.
Nvidia’s stock has surged by over 161% this year, giving it a market cap of over $3.1 trillion, making it the third-biggest company in the world.
Its results will likely provide a glimpse at whether AI demand is rising. In its first-quarter results, the company’s revenues jumped by over 240% to over $26 billion. Analysts expect its revenue to grow to $28.6 billion in the second quarter.
Former $NVDA employee shares his view on $NVDA:
– He thinks $NVDA has an aggressive roadmap. According to him, in 2026, $NVDA will make a chip called Rubin. For him, the most significant risk for $NVDA is if they don’t execute on their roadmap.
– He also thinks $TSM can be a… pic.twitter.com/guARiJFM8w
— AlphaSense (@AlphaSenseInc) August 23, 2024
Strong revenues and forward guidance bodes well for the industry, which will lead to higher prices for associated assets.
Results that come below estimates could lead to a sharp reversal.
Akash Network and Render are aligned with Nvidia’s business because they are at the intersection of blockchain and the semiconductor industry. They both offer distributed GPU rendering solutions on the blockchain network.
For example, data on Akash Network’s website shows that one can hire Nvidia’s H100 GPU for less than $1 an hour, an affordable price for a product that sells for over $30,000.
Bittensor has a similar distributed model in that it offers a platform that decentralizes the process of creating machine intelligence solutions.
Its token has risen by 106% from its lowest point in August. The other top AI tokens to watch as Nvidia publishes its earnings are AIOZ Network (AIOZ), Arkham (ARKM), The Graph (GRT), and Internet Computer (ICP)
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Fetch.ai unveils Innovation Lab, commits $10m yearly to AI startups
Published
2 weeks agoon
August 23, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/08/crypto-news-Fetch.ai-FET-option04.webp.webp)
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Fetch.ai, a blockchain-based platform democratizing access to the artificial intelligence space, has launched a new innovation lab in San Francisco.
The Artificial Superintelligence Alliance member announced the Fetch.ai (FET) Innovation Lab on Aug. 23, noting that the hub will catalyze the development of AI agent solutions.
As part of its effort to advance its presence across the industry, Fetch.ai has disclosed an annual budget of $10 million to fund projects leveraging its tech stack to build AI agents.
Fetch.ai eyes real-world AI applications
Humayun Sheikh, the chief executive officer of Fetch.ai, stated that the San Francisco-based hub will seek to support projects that bring real-world AI applications to users. Benefitting startups will receive funding and expert mentorship among other support.
“Our mission is to unite world-class institutions, research teams, and businesses in a collaborative environment that not only nurtures innovation but also accelerates the development of impactful, AI-driven solutions,”
Humayun Sheikh.
In addition to the startup accelerator initiative, Fetch.ai has outlined an ambassador innovator club and internship incubator program. The hub’s activities will include technical workshops and hackathons, with attendees benefiting from experts across academia, research, and real-world solutions.
The quest for artificial superintelligence
Fetch.ai’s launch of the AI hub comes as the company’s effort to transform the Artificial General Intelligence space gathers pace. This follows the unveiling of the Artificial Superintelligence Alliance in a merger with SingularityNET and Ocean Protocol.
AGI targets the transformational application of AI to tackle everyday human issues—such as climate change, healthcare, and education. The merger of FET, AGIX, and OCEAN into ASI is one of the steps toward this mission.
SingularityNET has earmarked $53 million for the development of hardware designed to bolster AGI development. Meanwhile, Fetch.ai recently revealed a $100 million investment commitment towards the deployment of Nvidia GPUs to boost developers.
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