Crypto News

Week Ahead: Crypto markets to turn volatile as AI steals the spotlight



Share:

There arent major macroeconomic events scheduled this week, but quite a few important crypto events. Bitcoin price looks to be in a distributive phase and could drop down to the daily imbalance at roughly $41,400. Investors need to pay close attention to BTC since the majority of the altcoins are highly correlated to the pioneer crypto. Only a select few altcoins tend to carve their own paths.

Bitcoin Price Analysis Read more

AI likely to steal the spotlight

The next few weeks focus will be Artificial Intelligence (AI) due to two main reasons: 

  1. February 8 to 10 World AI Cannes Festival.
  2. February 21 NVIDIA Corps earnings.

With NVIDIAs earnings and the World Cannes AI Festival, the emphasis is definitely on AI tokens. Hence, investors should consider focussing on these altcoins to squeeze the maximum gains from the market. 

Heres how AI coins performed during NVIDIAs previous earnings Read more 

Heres a list of AI Coins that are leading the pack, with the potential to outperform major altcoins. 

  • Bittensors TAO token has rallied 21% in the past week.
  • Renders RNDR token registered a 9.2% gain last week. 
  • Other AI tokens include Akash Network (AKT), Fetch.ai (FET) and SingularityNET (AGIX).

Render Price Analysis Read more

Fetch.ai Price Analysis Read more

Crypto events this week

Apart from the AI tokens, here are this weeks important events.

  • February 5 Internet Computer (ICP) Ordinals discussion (coin ready to breakout)
  • February 6 Polygon (MATIC) Etrog Upgrade
  • February 6 Render (RNDR) Nosana Compute Client onboarding voting ends 
  • February 6 Astar (ASTR) dApp staking v3 launches

Due to the current market conditions and the news, these altcoins are likely to experience high volatility, making them a good fit for trading. 

A similar category of highly volatile but slightly bearish set of tokens would include Aptos (APT), Hashflow (HFT) and Moonbeam (GLMR). The reasoning behind the bias would be the massive size of tokens being unlocked this week.

  1. APT $220 million.
  2. HFT $4.04 million.
  3. GLMR $1.04 million.

Important Reads

Dogecoins recent network activity spike might not trigger DOGE price do the same, heres why

Ripple Price Forecast: XRP can revisit $0.696 if these conditions are met

Binance Coin Price Prediction: If BNB rallies 20%, this is how it would do it

Pyth Network could enter price discovery mode if PYTH bulls defend $0.427




Source link

Read more: https://mcc.exchange/2024/02/05/week-ahead-crypto-markets-to-turn-volatile-as-ai-steals-the-spotlight/

Text source: MCC.EXCHANGE

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories