ABT token surges 26% to hit new all-time high

ArcBlock’s native token, ABT, has seen a significant surge in its market value, with a 26% rise over the last 24 hours, pushing the token to a new all-time high of $3.92.

The latest surge in trading volume, which reached $31.8 million in the same period, has elevated the token’s market cap to $383 million, per data by CoinMarketCap.

ABT 24-hour price chart | Source: CoinMarketCap

ABT is an integral part of the ArcBlock ecosystem, a platform that combines blockchain technology with cloud computing to facilitate the development and deployment of decentralized applications.

The platform, designed to be user-friendly and cost-efficient, supports a variety of services, components, and applications, promoting a self-evolving ecosystem. As an ERC-20 token, ABT is used primarily for payment within this framework.

ArtBlock’s AI apps engine, AIGNE, simplifies access to large language models and generative AI technologies. It enables users to easily access and utilize large language models (LLM) and generative AI (AIGC) with a completely code-free approach, allowing anyone to build complete applications using AI.

ABT has surged by about 35% in the last two days, per data by CoinMarketCap. The recent uptick in ABT’s value could be attributed to a series of announcements by Robert Mao, ArcBlock’s founder.

On May 13, Mao highlighted the potential of AI agents to become a major part of daily active users by 2030, with an estimated market valuation between $15 trillion and $25 trillion.

Following up on May 14, Mao announced the integration of GPT-4o support into their AIGNE model, enhancing its capabilities. GPT-4o notably includes features such as the ability to process and understand video and audio from uploaded files, as well as generate short videos.

Despite ArcBlock’s impressive performance, the overall crypto sector remains relatively static, with the global market cap hovering around $2.26 trillion. The Fear and Greed Index, a measure of investor sentiment, currently stands at 52, indicating a neutral outlook among crypto traders.

Bitcoin, the largest cryptocurrency by market cap, has been experiencing a period of lateral movement, with its price currently at $62,210. This sideways trading pattern reflects a cautious approach from investors amidst a mixed sentiment in the market.