AI coins stay positive
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. 24th September 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
NEAR, TAO Lead Artificial Intelligence Love Fest
Enlivened by a seemingly limitless technological future, goosed by risk-on sentiment in post rate-cut world, AI-related cryptos continued to shade green over the past day. The entire category gained 12% in 24 hours as of about 8 a.m. (EST), per CoinGecko. Among the biggest gainers are Near Protocol (NEAR) and Bittensor (TAO). The latter, a decentralized ML marketplace, has soared 94% since last Tuesday.
Meanwhile, Celestia (TIA) enjoyed a 12% pop in the past day. A self-described modular data availability network created to simplify blockchain development, Celestia yesterday revealed $100 million in new funding from a group of investors led by Bain Capital Crypto. TIA, 67th-largest token, touched $6.50 yesterday. TIA's all-time high of about $21 came back in February.
What's down
Another Tricky Day For ETH
As of 8:25 a.m. (EST) today, Bitcoin was roughly $63,650 after another day spent confirming Newton's First Law of Motion. Another big digital asset at rest is Ethereum. Remain at rest it did. ETH was $2,642 as we were checking charts just now. Yesterday at this time, the second-largest crypto was $2,648. Monday saw yet another crummy day for ETH ETFs. Overall net outflows hit $79.3 million, the highest total since late July.
What's next
Analyst: Record BTC Highs Still On Table This Year
Gold futures surged to a record high of $2,653 per ounce yesterday. The Fed’s 50-basis-point cut and geopolitical tensions in the Middle East are said to be fueling gold’s rally.
Rate cuts actually served as a negative catalyst for Bitcoin back in 2019, but the past does not necessarily need to be seen as a prologue, Markus Thielen, founder of 10x Research, told CoinDesk.
Back 2019, Fed Chair Jerome Powell explained to the markets that a "mid-cycle adjustment" was needed because of economic uncertainty, caused, in part, by trade tensions with China. This time around, cuts are seen as a natural extension of the conclusion of a successful campaign to tame inflation.
If inflation indeed cools, and incremental in-kind cuts keep coming, BTC could break out to new record highs by the end of this year, he said.
If, on the other hand, rate cuts become more widely perceived as tied to staving off of an economic slowdown, risk assets like BTC could be negatively impacted.
Meanwhile, the SEC's approval last week of regulated BTC ETF options could help push the largest crypto higher.
Jeff Park, head of alpha strategies at Bitwise, on Friday said in a post on X that “without exaggeration, this [options approval] marks the most monumental advancement possible for the crypto market.”
