AI crypto tokens could be the next big thing in the industry, reminiscent of the DeFi boom, Metaverse mania, or meme-coin explosion, according to a top financial analyst.
ChatGPT and other AI-driven technologies have been trending all across social media and the business world. Could this make three altcoins stand-out winners in the next bull market?
Why Trading Narratives In Cryptocurrencies Can Be Profitable
Narratives are often necessary for incredible rallies or declines, whether they are accurate or not. For example, the last Bitcoin narrative was driven by its use as an inflation hedge. But when inflation arrived, the top cryptocurrency suffered one of its worst downtrends yet.
Other recent narratives involve DeFi driving Ethereum and related coins higher, or when Metaverse tokens soared after Mark Zuckerberg changed Facebook’s parent brand name to META. NFTs also helped Ethereum and newcomers like Solana. Elon Musk made meme-coins all the rage in a matter of a few tweets.
The one thing that all of these assets have in common, is that the narratives made money and in markets, that’s all that matters. For savvy cryptocurrency investors seeking the next big narrative, you might not need to look further than two letters: AI.
OpenAI’s ChatGPT is currently taking social media by storm. The artificial intelligence tool has already passed the Bar exam, the Medical License exam, and the MBA exam. It is being used to write articles, tweets, solve equations, do homework, and automate tasks. It’s even being used to explain Bitcoin as various celebrities. The platform shows undeniable potential.
AI crypto tokens have outperformed other altcoin categories | FETUSDT on TradingView.com
Analyst: Crypto AI Tokens On “The Verge Of A New Bull Cycle”
Although no AI crypto tokens bear any association with ChatGPT, projects with an association with anything artificial intelligence has recovered more significantly from cryptocurrency bear market lows.
Fetch.ai (FET), for example, is up roughly 480% from its lows, and is up over 200% in January 2023 alone. Ocean Protocol (OCEAN) is another standout, with a 230% recovery from lows and over 100% year-to-date. SingularityNET (AGIX) trumps them both with a low put in three months earlier and over 600% gains from the low. AGIX moved more than 460% during January 2023 with a full week left to go.
The results are shocking, but there could be a lot more to go. Jason Soni, Currency and Crypto Analyst at Elliott Wave International recently led a video on three AI-linked crypto tokens that “could be on the verge of a new bull cycle.” The exact cryptocurrencies analyzed in the video, are none other than FET, OCEAN, and AGIX.
Soni’s analysis is available through Elliott Wave International’s Crypto Trader’s Classroom, where three new videos are introduced each week. The video breaks down where these altcoins are in their current market cycle and explains why there could be further upside ahead.