Fetch.ai (FET) ignores the Bitcoin-led market meltdown by notching a 60% gain

Fetch.ai (FET) ignores the Bitcoin-led market meltdown by notching a 60% gain

FET price spiked by 60% in an otherwise red market thanks to a growing number of real-world use cases and protocol upgrades.

The real-world adoption of blockchain technology is a slowly developing process that requires the right use cases and a willing public who are open to new experiences to be obtained when one ventures outside of their comfort zone. 

An increasing number of real-world applications appear to be the motivating factor behind the recent gains seen in Fetch.ai (FET), a protocol focused on building an open access, tokenized-based decentralized machine learning network that aims to support the smart infrastructure being built around the digital economy.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Sep. 6, the price of FET spiked 70% to a new record high at $1.12 on Sep. 7 as its 24-hour trading volume surged 538% to $590 million.

FET/USDT 4-hour chart. Source: TradingView

The rapid increase in price and trading volume comes as the project tests a new multi-modal transport application called Deep Parking, an application built with AI and blockchain technology that helps automobile drivers locate empty parking spaces.

The protocol has also achieved a “global first” on Sep. 7 when an on-board Fetch AI agent successfully interacted with Datarella’s self-sovereign identity to allow the driver to rent a scooter from TEIR mobility.

Related: Fetch.ai launches NFT platform for AI-generated art

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FET on Sep. 3, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. FET price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for FET began to pick up on Sep. 3 and reached a high of 71 around 48 hours before its price began to increase by 70% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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