AI ascension
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 26th August 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
AI-Related Assets Surge Ahead Of Nvidia Earnings
Crypto came in for a landing after a high-flying weekend as numerous large-cap coins are this morning shading mildly red.
Not among them is FET, native token of the Artificial Superintelligence Alliance, an amalgamation of a trio of blockchain projects related to supporting AI in a decentralized manner.
FET had gained 11% in 24 hours as of Monday at 7:49 a.m. (EST). Its market cap is now nearly $3.5 billion. That puts FET in the 31st spot in terms of the largest digital assets measured by CoinGecko. The cap-size swell comes after a week in which FET has surged 70%.
FET's ascension seems to reflect a crescendo of anticipation ahead of AI chipmaking juggernaut Nvidia’s latest earnings report which is due out on Wednesday.
A slew of other AI-related coins have recorded impressive price increases over the past seven days. RENDER, for example, shot up 44% since last Monday. NEAR, meanwhile, has gained 27%.
What's down
TON Rocked
Telegram-tied Toncoin (TON) took a tumble on Saturday in the wake of reports that the messaging app platform's CEO, Pavel Durov, was taken into custody at a Paris airport.
Bloomberg said Durov is suspected of failing to take steps to prevent criminal activity on Telegram. At one point, TON shed 20% of its price, falling from $6.80 to as low as $5.30.
The Open Network blockchain is not directly connected with Telegram but it does have access to the platform's 900 million monthly users via a partnership. The Open Network Foundation insists its activities are separate from Telegram.
TON’s rise has been spurred on by the success of Telegram's in-app games, generating hype for Telegram/TON (described as "the next WeChat") while VC firms, such as Pantera Capital Management, have thrown support to the TON token. TON, incidentally, and for the moment anyway, is no longer one of the ten-largest coins as measured by market cap. TON ($14B) is now No. 11, having been supplanted by Tron’s TRX ($14.5B).
What's next
Candidates, Crypto Advocates, In Tango Contest
Bitcoin sprang from $61K early Friday to nearly $65K as of Sunday. Market participants felt enlivened by a Fed Chair speech that seemed to seal the deal as far as the potential for a soon-to-start monetary easing cycle. Also seen as a positive: independent RFK Jr. exiting the presidential race and instead endorsing Republican Donald Trump, former president, and who is now widely perceived as a crypto champion.
In recent days, the Democratic presidential candidate, Vice President Kamala Harris, seems to be at least trying to signal a willingness for a more crypto-friendly posture despite a Biden administration policy that up until this past spring was considered by the industry to be adversarial.
CoinDesk reports that a senior Harris adviser recently said a new administration would be supportive of the growth of the crypto industry.
Digital currency advocates have raised a formidable campaign finance war chest. But candidates should ignore pro-crypto lobbyists and shun their donations, Bloomberg's editorial board advocated in an opinion piece last week.
"Harris and Trump shouldn't pander to the crypto crowd," Bloomberg's editors said.
