Fetch.ai (FET) up 28%, Three Reasons Why Its Price Is Blowing Up

Fetch.ai (FET) has joined the list of the top-performing digital currencies today, with its price rising by 28.18% at the time of writing to $0.2411, according to data from CoinMarketCap. FET is not the usual high flier and has been operating in a relatively dormant capacity, despite the unique technology that it brandishes.

Fetch.AI is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy. Per its design, it helps in democratizing access to AI by allowing anyone to plug into its system and access datasets that are executable using autonomous artificial intelligence.

Fetch.ai represents a bridge between the broader AI world and the Web3.0 system, giving it a unique role in the growing evolution of the digital ecosystem. While one of the three major reasons driving its price is broader market sentiment, the second is underscored by growing sentiment around AI as a gateway to enhance productivity across the board.

Fetch.AI is also enjoying buyers' interest because of growing aggressive innovations being introduced by the core developers who can better position the coin to join market rallies this year.

Fetch.ai price history

Fetch.ai made its debut back in 2017, but its popularity started growing when it launched an Initial Exchange Offering (IEO) through Binance. As a relatively low-cap altcoin, FET has recorded quite an impressive price history with a known all-time high (ATH) of $1.19 attained back in September 2021.

Fetch.ai has been a major victim of the crypto winter, and while this is typically supposed to be a negative force, it might be deduced that the current positive price action can help regain much of the lost prices if it is sustained by a community of buyers.