Connect with us

AI

This Catalyst Could Trigger a Parabolic Rally in Total Crypto Market Cap, Says Analyst Jamie Coutts

Published

on


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.”

Image
Source: Jamie Coutts/X

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.”

Image
Source: Jamie Coutts/X

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

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.

Generated Image: DALLE3





Source link

AI

BEAM Foundation launches $40m initiative for AI and crypto computing

Published

on



Aethir, Beam Foundation, and MetaStreet have partnered to launch Tactical Compute, a $40 million initiative designed to meet the growing demand for computing power in artificial intelligence and blockchain.

The initiative leverages Aethir’s decentralized GPU network, Beam (BEAM) Investments, and MetaStreet’s DeFi infrastructure to create opportunities for monetizing compute resources.

Tactical Compute will operate under Tactical Compute Holding Limited, focusing on compute-related opportunities such as hardware financing, private yield arbitrage, and network bootstrapping, as detailed in a Beam Medium post.  

These efforts center on meeting the increasing demand for computing resources while integrating crypto-based innovations.

Tactical Compute plans to address this imbalance by finding profitable opportunities within the compute market. One example is “farming” Aethir (ATH) tokens, which is akin to earning credits for using Aethir’s GPUs, much like Microsoft’s Azure credits for its cloud infrastructure.

Industry backing and goals

The Beam Foundation is contributing $5 million to the initiative alongside notable backers, including the Sophon Foundation. 

According to Daniel Wang, CEO of Aethir, the partnership “positions us to unlock new opportunities in compute resource monetization and drive innovation in scalable AI and decentralized technologies.”

MetaStreet, through its development arm Permian Labs, brings its expertise in DeFi tools for financing GPU-powered nodes. Co-founder David Choi noted that Tactical Compute “builds on our foundation by addressing the growing demand for compute infrastructure, driving innovation at the intersection of crypto, AI, and infrastructure.”



Source link

Continue Reading

AI

Arbitrum One as the first layer-2 to reached $20 bilion in TVL

Published

on



Arbitrum, a cryptocurrency network, has announced on its official account that its layer-2 platform has reached $20 billion in total value locked (TVL).

Arbitrum on X’s post on Dec. 03 claimed that the first layer-2 platform could reach $20 billion in total value locked (TVL) or increase up to double-digit, which specifically rises 14.2%.

“Arbitrum One has just become the first L2 to hit $20 billion in TVL. We did this by inovating together, with the stage 2 horizon and ecosystem growth happening in all verticals, the sky’s the limit for how far we can scale. Accelerate,”

Arbitrum mentioned on the post.

According to L2Beat data, Arbitrum One achieved $20 billion in TVL with $6.64 in canonical, $5.32 billion in external, and $8.12 billion in native. This milestone also leaves the competitors behind, including Base with $12.4 billion, OP Mainnet with $8.56 billion, and Blast with $1.55 billion.

Arbitrum (ARB) is the highest native minted value on this platform, with around $4.3 billion, followed by USD Coin (USDC), with a value of $2.2 billion.

Stage 2 of Arbitrum One is still ongoing, and some issues need to be fixed: fraud-proof submission, upgrade unrelated to on-chain, and the security council’s action, which is not confined to on-chain.

Arbitrum boosting AI growth

Arbitrum Foundation also actively promotes the artificial intelligence (AI) industry; one of the support initiatives is a $1 million grant to Arbitrum Network. The Trailblazer AI Grant is an initiative for developers and creators who are dedicated to building AI agents on Ethereum layer-2.

This artificial intelligence also helps bring thousands of applications to Arbitrum and gives the opportunity to explore projects ranging from non-fungible tokens (NFT) to ERC20 tokens. Projects that are eligible in the process will receive $10,000 as a reward.

Besides that, this initiative to bring artificial intelligence to the Arbitrum would unlock the potential of layer 2.



Source link

Continue Reading

AI

AI bot transfers $50k in crypto after user manipulates fund handling

Published

on



An AI bot controlling $50,000 in crypto transferred the funds after a user successfully persuaded it to bypass its core directive: to never release the funds.

A user under alias p0pular.eth successfully claimed a $50,000 crypto prize pool after convincing an artificial intelligence bot named Freysa to transfer its funds, bypassing the bot’s primary directive to never release them. The victory, observed by software engineer Jarrod Watts, came after 481 previous attempts, all of which failed to persuade the bot.

The challenge, launched on Nov. 22, tasked participants with sending messages to Freysa in an attempt to convince it to release the funds. Each attempt required a fee. Of the total fee sum, 70% went toward the growing prize pool, 15% was converted from Ethereum (ETH) to the bot’s FAI token, and the remaining 15% went to the bot’s developer.

As the prize increased, the cost to send a message also rose, peaking at $450 per message.

Eventually, p0pular.eth — whose identity remains unknown — exploited a vulnerability in the bot’s internal logic for processing transfers by convincing Freysa that any incoming funds should automatically trigger the release of the prize. Once the message was sent to the bot, p0pular.eth successfully manipulated its logic for handling messages, causing the bot to transfer the entire pool of 13.19 ETH (approximately $47,000 at the time) to the user.

While some praised the emerging use of AI in the crypto space, others raised concerns about the protocol’s transparency, suggesting that p0pular.eth may have had inside knowledge of the trick or been linked to the bot’s development.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon