Akash Network vs FET: Which AI Coin is Worth Investing in 2024?

by

As an experienced analyst, I have closely monitored the crypto market’s recent turbulence, particularly focusing on the altcoin sector and AI coins such as Akash Network (AKT) and Artificial Superintelligence Alliance (FET). Based on my research and analysis, I believe that Akash Network is a more compelling investment opportunity for those looking to add AI coins to their portfolio in 2024.

In the face of challenges for the global crypto market, where Bitcoin and Ethereum have experienced minimal setbacks within the last 24 hours, the altcoin segment has felt the brunt as well. The combined market value of these digital currencies amounts to $30.45 billion, representing a decrease of approximately 3%. Amidst the volatile market conditions, investors are keeping a keen eye on AI-focused cryptocurrencies in search of the next promising investment opportunity. This article aims to delve deep into the potential of Akash Network (AKT) and Artificial Superintelligence Alliance (FET), providing an insightful comparison to help decide which AI coin is worth considering for your investment portfolio by 2024.

Akash Network vs ASI: Current Market Performance

Akash Network vs FET: Which AI Coin is Worth Investing in 2024?

 

The current value of Akash Network (AKT) stands at $3.83, and its past month’s performance has shown considerable fluctuation. Daily growth amounted to a consistent 5.11%, but an impressive weekly surge of 22.67% took place. However, the one-month trend exhibits a noteworthy decrease of 18.17%.

The market capitalization of Akt is roughly $929 million, which ranks it at number 75 among all cryptocurrencies. During the past 24 hours, the trading volume amounted to around $56.67 million, representing a significant surge of nearly 25%. In March 2024’s late stage, the token attained its peak price of $3.47. However, since then it has experienced a decline of approximately 61.71% from that high point.

As a crypto investor, I’ve noticed that the FET token from the Artificial Superintelligence Alliance hasn’t been performing well recently. Yesterday, its value decreased by 1.33%, adding to the losses we’ve seen in the past week and month. The token dropped by 19.62% over the last week and a staggering 36.88% since last month.

The cryptocurrency FET holds the 27th position in the market with a capitalization value of approximately $3.36 billion. Over the last 24 hours, its trading volume has amounted to $137.55 million, marking a modest growth of 1.45%. However, its performance has been underperforming relative to previous highs, hinting at a more substantial downturn in the recent past.

Overview of Al Coins: Akash Network Vs FET

Akash Network aims to disrupt the cloud computing industry by introducing a decentralized solution for accessing cloud resources. This innovation empowers developers to effectively and economically deploy their applications using spare cloud capacity located in data centers around the world.

As a blockchain technology analyst, I can assure you that by implementing this technology, Akash offers a transparent, secure, and cost-effective solution in comparison to traditional cloud services like Amazon Web Services (AWS) and Google Cloud.

Alternatively, FET I, an artificial intelligence laboratory, is developing a decentralized machine learning network with cryptoeconomic incentives. This system enables anyone to securely access databases and execute tasks through autonomous AI. The design focuses on enhancing services such as DeFi trading, transportation, energy grids, and travel, by leveraging extensive datasets for optimization.

Technical Analysis of AI Coins: Akash Network Vs FET

Akash Network’s (AKT) short-term and medium-term perspective looks optimistic, as evidenced by buy signals from EMAs and the need to surmount potential resistance points. The RSI is presently neutral, while the MACD points towards buying opportunities. According to Fibonacci levels, support can be found at 3.007, while resistance lies at 4.466.

In contrast to Fetch.ai (FET), its technical outlook is more conservative. EMAs point towards sell signals and a bearish trend in the shorter time frames. The RSI indicates decreasing buying power, while the MACD reinforces selling tendencies. The Fibonacci levels for FET reveal significant support at 0.4231 and resistance at 2.0537.

In simple terms, AKT shows promising signs of upward movement in the short term, with key levels providing support and resistance. On the other hand, FET signals caution with prevalent sell indicators and vital areas of support that need close attention.

Conclusion: Which AI Coin is Worth Investing in 2024?

As an analyst, I’ve been closely monitoring the developments in the AI and blockchain industries, specifically focusing on Akash Network (AKT) and Fetch.ai (FET). While both projects show great promise, their market trends and technical analysis indicate distinct trajectories for 2024.

On the contrary, the declining tendencies and meticulous technical signals in Fetch.ai underscore the need for heightened vigilance and possibly adopting a longer-term investment strategy.

For those considering investment in AI-related cryptocurrencies in 2024, Akash Network emerges as a top contender due to its robust market track record and favorable signals.

Read More

2024-07-02 20:06