The cryptocurrency market has maintained its bullish sentiment, with Bitcoin demonstrating stability above the $31,000 mark recently. Notably, institutional interest in Bitcoin remains strong, as evidenced by major asset managers such as BlackRock filing spot Bitcoin ETF applications. As Bitcoin’s strength permeates the market, several altcoins, particularly those related to artificial intelligence (AI), or AI coins, have experienced explosive price growth. The Graph token ($GRT) stands at the forefront of this surge.
The Graph ($GRT) Token’s Impressive Growth
The Graph has emerged as a major winner during the ongoing crypto rally, with the GRT token experiencing a substantial 17% surge over the past week. Presently trading at $0.129, the token has amassed a total market capitalization of over $1.1 billion, accounting for more than 25% of the market cap of AI and Big Data tokens.
Technical analysis suggests continuing the bullish trend, with TradingView, a renowned technical analysis firm, providing a “Buy” signal for $GRT in the daily timeframe. This signal improves to a “Strong Buy” when considering the significant moving average indicators. The token comfortably trades above its 200-day Exponential Moving Average, with the Hull Moving Average of $0.1291 within sight of the bullish investors. Moreover, the Moving Average Convergence/Divergence (12, 26) has turned green in the 24-hour timeframe, further reaffirming the token’s bullish sentiment.
The Graph’s role in Web3 infrastructure
The Graph has solidified its position as a key player in the Web3 infrastructure. It empowers developers to build open APIs known as subgraphs, which facilitate the indexing of data for blockchains. Implementing The Graph enables decentralized applications (dApps) to operate faster, reduce costs, and maintain significantly higher uptime.
Since 2022, over 40,000 projects have been launched on The Graph, servicing nearly a trillion queries. The platform powers applications across over 40 networks, including Ethereum, Polygon, Arbitrum, and Optimism. Investors remain bullish on The Graph due to its commitment to innovation and ongoing network upgrades. Notably, the recent migration of the Graph blockchain’s settlement layer from Ethereum to Arbitrum contributed to a notable surge in price. Sentiment analysis from Into The Block firm indicates that the online sentiment surrounding the project is mostly positive.
Potential challenges
Despite the optimistic outlook, investors should remain cautious about potential bearish activities from large-scale holders of $GRT. According to data from LookOnChain, a prominent on-chain data firm, one whale deposited approximately $770k worth of $GRT into Binance and sold another $100k on a decentralized exchange. Additionally, two other whales deposited 6.8 million $GRT tokens into the KuCoin exchange, correcting the token’s price.
Bitcoin’s institutional adoption and inflation levels
Despite these challenges, The Graph is expected to receive robust support from Bitcoin’s institutional adoption. Recently, trillion-dollar asset management firm BlackRock refiled its application for a spot Bitcoin ETF, leading to an uptick in cryptocurrency prices. Furthermore, improving inflation levels will bolster altcoins and contribute to their bullish continuation.
Another AI-based cryptocurrency that has garnered attention is yPredict ($YPRED), which has exhibited impressive performance during its presale, raising $2.75 million within a few months. yPredict aims to establish an all-in-one ecosystem designed to help users navigate the volatility of the crypto market.
The yPredict Marketplace, the flagship product of the yPredict team, enables retail traders to connect with top data scientists and machine learning developers. These experts can publish predictive data models as subscriptions, empowering traders to make informed real-time decisions. Additionally, the yPredict Analytics platform offers valuable market insights, leveraging cutting-edge pattern recognition algorithms, sentiment analysis, and transaction data analysis, providing users a competitive edge.
In addition to its innovative ecosystem, the $YPRED token attracts investors with its lucrative tokenomics. All $YPRED holders gain free lifetime access to the Predictions platform, which provides accurate price predictions for thousands of crypto assets and securities. Moreover, investors can earn a substantial 45% quarterly staking reward and enjoy discounts on various yPredict services. The presale makes 80% of the entire YPRED token supply available, presenting a unique opportunity for small investors to enter early and maximize their potential profits. The Polygon-based token trades at $0.09, with an expected surge to $0.12 upon launch.
The future of AI and crypto
The growing demand for AI-based cryptocurrencies aligns with the broader development of the crypto industry. Platforms like The Graph and yPredict highlight the increasing integration of AI and blockchain technologies, offering innovative solutions to users. As AI continues to evolve and drive advancements in the crypto space, industry experts and major players like Coinbase recognize the potential synergy between AI and cryptocurrencies. Coinbase, a leading cryptocurrency exchange, has revealed its vision for the future, emphasizing the transformative power of AI in shaping the crypto landscape.
The Graph ($GRT) has witnessed remarkable price growth, driven by the increasing demand for AI-based projects in the cryptocurrency market. With its crucial role in the Web3 infrastructure and ongoing network upgrades, The Graph remains an attractive investment opportunity. Additionally, yPredict ($YPRED) has emerged as a promising AI-based crypto project, offering innovative features and a lucrative tokenomics model. As AI and crypto continue to converge, these projects exemplify the potential for groundbreaking advancements in the industry.
