Though the cryptocurrency market finds itself digesting broader economic data, artificial intelligence-driven blockchain project Fetch.ai (FET-USD) isn’t waiting around for an invite to bullishness. Over the past 24 hours, the underlying FET token shot up around 25%, scorching most competing digital assets. At the time of writing, only two other cryptos posted performances superior to FET’s in the past day. Naturally, this sparked a discussion about Fetch.ai price predictions.
Fundamentally, the FET network distinguishes itself from rival platforms with a truly decentralized and permissionless ecosystem. While advancements in blockchain technology focus on the core metrics of speed, scalability and security, they share a common motif: human involvement. That is, prior distributed decentralized architectures enabled human actors to secure desired agreements quicker and more conveniently.
However, Fetch.ai asks the fundamental question: What if human interaction can be whittled down to the bare minimum? That’s really the heart of the AI-driven FET network. Utilizing what the project refers to as autonomous economic agents (AEAs), these entities operate as rational economic actors, directly negotiating the proposed terms of contractual agreements. In this manner, the AEAs eliminate the need for intermediary agents.
What’s more, the Fetch.ai network commands relevancies across a range of applications and industries. This includes smart homes and cities, decentralized finance, supply chain, commodity exchange, autonomous AI-based travel agents, traffic congestion and train systems.
Heightened Interest Sparks Inquiries About Fetch.ai Price Predictions
While the concept of AEAs or intelligent digital agents working on behalf of a human user’s real economic interests may seem like a plot device in a science-fiction film, the FET protocol enjoys genuine case studies, thus undergirding upside Fetch.ai price predictions.
Perhaps most notably, Bosch Research entered a collaboration with Fetch.ai in 2019 and deployed a node on the FET test network in 2021. Specifically, Bosch sought to expand research regarding machine learning protocols to identify equipment failures. Therefore, the FET blockchain doesn’t just involve commercial relationships which require financial incentives for kinesis. Rather, the underlying AEAs can be deployed to foster solutions where no apparent economic incentivization structures exist.
Given the flexibility and astounding acumen of the FET network, interest in Fetch.ai price predictions skyrocketed. As of this writing, the underlying token trades hands for roughly 54 cents.
According to Coincodex, the five-day prediction for FET stands at 74.33 cents. However, over the next month, analysts anticipate a slowing of sentiment, reducing the price to 59.16 cents.
Per Cryptonewsz, FET already beat its maximum 2023 price target of 55 cents. Earlier today, FET reached 57 cents. However, the resource states that by 2025, the average price of FET could hit 63 cents.
Interestingly, not all Fetch.ai price predictions rate optimistically. For instance, AMBCrypto anticipates that by the end of this year, FET will reach a maximum of 46 cents.
Why It Matters
While the total market cap of all cryptos lost about 46% of value in the trailing year, FET’s extraordinary performance moved well against the grain. During the same period, FET is up roughly 39%. Therefore, interest in Fetch.ai price predictions will likely remain elevated for the foreseeable future.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.