According to a leading financial analyst, AI crypto tokens could be the next big thing in the industry, reminiscent of the DeFi boom, Metaverse mania or coin boom.
ChatGPT and other AI-based technologies are trending all over social media and business world. Could this make three altcoins standout winners in the next bull market?
Why trading stories in cryptocurrencies can be profitable
Stories are often needed for incredible rallies or declines, whether accurate or not. For example, the latest Bitcoin narrative was driven by its use as inflation hedge. But when inflation hit, the major cryptocurrency suffered one of its worst downtrends yet.
Other recent stories involve DeFi driving up Ethereum and related coins, or when Metaverse tokens soared after Mark Zuckerberg changed the name of Facebook’s parent brand to META. NFTs have also helped Ethereum and newcomers like Solana. Elon Musk has been all the rage with meme-corners in just a few tweets.
The one thing all of these assets have in common is that stories make money and in the markets, that’s all that matters. For savvy cryptocurrency investors looking for the next big story, you may need to look no further than two letters: AI.
OpenAI’s ChatGPT is currently taking social media by storm. The AI tool has already passed the bar exam, medical license exam, and MBA exam. It is used to write articles, tweets, solve equations, do homework and automate tasks. It is even used for explain bitcoin like various celebrities. The platform has undeniable potential.
AI crypto tokens have outperformed other altcoin categories | FETUSDT on TradingView.com
Analyst: Crypto AI Tokens on “The Edge of a New Bullish Cycle”
While no AI crypto tokens are associated with ChatGPT, projects associated with anything artificial intelligence have recovered more significantly from the lows of the cryptocurrency bear market.
Fetch.ai (FET), for example, is up around 480% from its lows and was up over 200% in January 2023 alone. Ocean Protocol (OCEAN) also stands out, recovering 230% from lows and more than 100% since the start of the year. SingularityNET (AGIX) outperforms them both with a low three months earlier and over 600% upside from the low. AGIX has moved over 460% in January 2023 with a full week remaining.
The results are shocking, but there could be a lot more to it. 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 via Elliott Wave International Crypto Trader Classroom, where three new videos are introduced every week. The video explains where these altcoins are in their current market cycle and explains why there could be even more upside.