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The recent rally in the crypto industry took a breather on Friday as some investors started to take profits. Bitcoin held steady at $62,400, a few points below the year-to-date high of over $64,000. Similarly, Ethereum remained steady at $3,400 as the total market cap of all cryptocurrencies retreated by 40 basis points to $2.32 trillion.
AGIX, Bittensor, and The Graph lead
While most cryptocurrency prices remained in a tight range, there were some potential winners. As I wrote earlier, Axelar (AXL) was one of the best-performing cryptocurrencies as it jumped by over 50% during the session.
The other top gainers were cryptocurrencies associated with the artificial intelligence (AI) technology. SingularityNET (AGIX) token surged to a record high of $0.90, meaning that it has soared by almost 2,000% from its lowest point last year.
It has risen in the past five straight weeks, giving it a market cap of more than $1.1 billion. SingularityNET is building a decentralised marketplace for AI applications like Nunet, Rejuve, and SingularityDAO.
Bittensor (TAO) was the other top-performing cryptocurrency on Friday as it surged by over 13%. It moved to a record high of $730, which was much higher than the year-to-date low of $420. Bittensor is a project backed by the Digital Currency Group (DCG), Polychain Capital, and FirstMark.
It is a platform that aims to decentralize the machine learning process by creating a peer-to-peer market for machine intelligence. It uses a technology known as proof of intelligence, which rewards nodes that contribute to the machine learning models. TAO’s market cap has jumped to over $4.4 billion.
The Graph (GRT) was the other top-performing cryptocurrency on Friday. It has jumped in the past four straight weeks and sits at its highest point since May 22nd. Jasmy price jumped by over 10% on Friday, continuing a rally that has been going on for weeks.
The other best-performing cryptocurrencies were the likes of Chiliz, Cronos, Fetch.ai, and Pepe.
Crypto rally has more room to run
Analysts believe that cryptocurrencies have more room to run ahead of Bitcoin’s halving, which is set to happen in April. Halving is a process that is built in Bitcoin’s code that reduces the rewards offered to miners. In this case, the number of Bitcoin rewards will drop from 900 to about 450 per day.
All this is happening at a time when Bitcoin’s demand is rising at a faster pace than supply. For one, the iShares Bitcoin ETF (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC) have accumulated over $11 billion in assets and the trend may continue.In most cases, Bitcoin and other altcoins tend to rise ahead of halving and this could happen this year. This explains why the crypto fear and greed index has moved to the extreme greed zone of 85.
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