Fetch AI (FET) price prediction: Can FET token continue growing in 2023?
It is a cryptocurrency which aims to link in with the current craze for artificial intelligence (AI), but what is fetch.ai (FET)? Let’s take a look and see what we can find out, and also examine some of the fetch.ai price predictions that were being made as of 4 April 2023.
FET/USD Live Price Chart
Fetch.ai explained
Perhaps the hottest topic in the world of technology in the first few months of 2023 was artificial intelligence. Improvements in machine learning got to the stage where AI could perform some fairly complicated tasks and saw a lot of people jump on board and try to use it in their daily lives, with platforms such as ChatGPT becoming hugely successful. There was a lot of excitement surrounding the new technology. Part of this was down to it being widely accessible for the first time, but there was also how easy it was to understand.
However, where there are winners there are also losers. Suddenly, for a lot of people, Web 3.0, the much-heralded next stage of the internet which would, according to its more vehement enthusiasts, herald a fourth industrial revolution. Perhaps one of the biggest problems Web 3.0 has faced has been the way in which it is hard to explain how the internet will, on the face of things, be any different. This is in stark contrast to AI, which can be grasped and understood by pretty much anyone.
Anyway, there is a crossover between AI and Web 3.0. With both technologies being pretty new, at least in their current guise, it was always going to be the case there could be a blockchain that worked with AI to make operating on the chain easier.
Fetch.ai is one such platform. This blockchain, which was founded in 2017 by crypto entrepreneurs Toby Simpson, Humayun Sheikh and Thomas Hain. Coming online in 2019, the system makes use of smart contracts, computer programs which automatically execute once certain conditions are met.
According to its whitepaper, its mission is “to build the infrastructure required for developing modern, decentralised and peer-to-peer (P2P) applications”.
The platform's website says that its ecosystem consists of applications called autonomous economic agents (AEA) that operate autonomously and can interact with one another, adding: "To perform their tasks, they connect and negotiate with one another. The process of autonomous economic agents finding, negotiating, and interacting with one another is all automated, and requires no user input. This further removes the reliance on intermediaries — thereby reducing costs."
Some of the programs that are supported by Fetch.ai include
- Co-Learn: A learning system that enables stakeholders to build a shared machine-learning model
Axim: An artificial intelligence tool that analyses siloed data and provides data security
Atomix: Stablecoin yield-generating protocol
MOBIX: Incentive tokens for using MOBIX’s electric mobility solutions
Catena-X Automotive Network: Cloud-based network for the global automotive value chain
Resonate: Decentralised social network
Starfleit: Decentralised exchange (DEX)
Mettalex: Decentralised exchange for traditional and crypto commodity derivatives
Every blockchain needs its own cryptocurrency, and Fetch.ai has the conveniently-named fetch.ai coin, also known by its ticker handle FET. This crypto is used to pay for services and transactions on Fetch.ai, and it can also be staked in order to support the blockchain, earn rewards, and add blocks. From its launch in 2019 to early 2021, FET was a token based on the Ethereum (ETH) blockchain, but it transferred to being Fetch.ai's native coin at that stage.
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Fetch.ai price history
Let's now take a look at the FET price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done since it came onto the market can help give us some much needed context when it comes to either making or interpreting a fetch.ai price prediction.
FET launched via an initial coin offering (ICO) in February 2019 and, when it came onto the open market later that month, it was worth about $0.33. The crypto market was then going through a so-called crypto winter, characterised by slow price movements and, when markets across the board were hit by the Covid-19 pandemic in March 2020, the coin fell to an all-time low of $0.00827 on 13 March that year. There was a recovery over time, though, and it closed 2020 at $0.515.
Things changed in early 2021 as the crypto market went though a boom period and FET, aided by the official launch of the separate Fetch.ai blockchain, broke past $0.80 in March, before the market collapsed on 19 May, leaving FET to spend the summer in the doldrums, trading below $0.20 at some points. before a recovery boosted by both a growing market and Binance (BNB) allowing FET staking saw it smash past the dollar to trade at an all-time high of $1.19 on 8 September. By the end of the year, though, things had cooled down and it was worth $0.5069, representing an annual loss at a time when the crypto market grew.
Matters got worse in 2022, as the crypto market followed a year of feast with one of famine. FET struggled, barely beating its price for the end of the previous year, and a series of market crashes saw it drop to close the year at $0.09167, a loss of more than 80%.
The coin has picked itself up somewhat over the course of 2023 so far. The growth of AI has led to an interest in cryptocurrencies related to the sector and FET has been at the forefront of matters. The coin rallied to peak at $0.6004 on 8 February, its highest price since December 2021. There was a fallback after this, with the collapse of the Silvergate bank seeing it drop to $0.2979 on 10 March, before a recovery led it to $0.4814 on 13 March. After that, though, it was time to slide back down and, on 4 April 2023, it was worth about $0.35, representing a rise of around 280% since the start of the year. For context, the crypto market as a whole has risen by a little under 50% so far this year.
At the time of writing (4 April 2023), there were 818.9 million FET in circulation out of a total supply of 1.15 billion. This gave the coin a market cap about $287m, making it the 125th largest crypto by that metric.
Fetch.ai price prediction round-up
With that all out of the way, let's talk about some of the fetch.ai price predictions that were being made as of 4 April 2023. Keep in mind that price predictions, especially when it comes to something as potentially volatile as cryptocurrency, very often end up being wrong. Also, it is worth remembering that many price predictions are made using an algorithm, which means that they can change at a moment's notice.
First, CoinCodex had a rather downbeat short-term fetch.ai price prediction for 2023, arguing that the coin could fall to $0.266023 by 9 April before mounting a small recovery to $0.280811 by 5 May. The site's technical analysis was bearish, with 16 indicators making negative signals against 15 making bullish ones.
Next WalletInvestor was also pessimistic when it came to making a fetch.ai coin price prediction, suggesting FET was in for a tough 12 months, with its price dropping to a mere $0.0934 by early April 2024. .
DigitalCoinPrice was a bit more optimistic in terms of its FET price prediction. The website said the coin could reach $0.67 this year, before it went on to make a fetch.ai price prediction for 2030 of $3.57.
Finally, Gov.Capital had a fetch.ai crypto price prediction that suggested that the coin could close the year at $0.293, before it went on to make a fetch.ai price prediction for 2025 which saw FET open the year at $0.744 and close it at a little below $1.19.
When considering a FET coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency coins and tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose
FAQs
Is fetch.ai a good investment?
It is hard to say. A lot will depend on how long the current AI boom can keep going, coupled with the overall state of the crypto market.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies can be affected by bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will fetch.ai go up or down?
No one can really tell right now. While sites like DigitalCoinPrice are optimistic, the likes of WalletInvestor are far more bullish. Remember that price predictions are very often wrong and that prices can go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether FET is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in fetch.ai?
Before you decide whether or not to invest in fetch.ai, you will need to do your own research, not only on FET but on other AI related cryptos.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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