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- Due to a rising number of real-world use cases and protocol updates, the price of FET increased by 60% in an otherwise bearish market
- The use of blockchain technology in the real world is still in its early stages
- The recent advancements witnessed in Fetch.ai appear to be motivated by an increasing number of real-world applications (FET)
Due to a rising number of real-world use cases and protocol updates, the price of FET increased by 60% in an otherwise bearish market. The use of blockchain technology in the real world is still in its early stages. It necessitates the correct use cases as well as a ready public willing to try new things while straying outside of their comfort zones. The recent advances seen in Fetch.ai (FET), a protocol focused on developing open access, token-based decentralized machine learning networks to assist the smart infrastructure being developed around the digital economy, appear to be driven by an increasing number of real-world applications.
The price of FET sets a new high on September 7
According to sources and TradingView, after hitting a low of $0.658 on September 6, the price of FET soared 70 percent to $1.12 on September 7, setting a new high. The 24-hour trading volume of FET increased by 538 percent to $590 million. The fast rise in price and trading volume coincides with the project’s testing of a new multi-modal transportation application dubbed Deep Parking, which uses AI and blockchain technology to assist drivers in finding available parking spaces.
On September 7, an onboard Fetch.ai agent successfully connected with Datarella’s self-sovereign identity, allowing the driver to rent a scooter from Tier Mobility, a global first for the protocol.
FET’s VORTECSTM Score
Prior to the latest price spike, VORTECSTM data from reports began to detect a favorable prognosis for FET on Sep. 3. The VORTECSTM Score is an algorithmic assessment of historical and present market circumstances drawn from a variety of data sources, including market mood, trading volume, recent price changes, and Twitter activity.
The VORTECSTM Score for FET began to rise on September 3 and reached a maximum of 71 roughly 48 hours later, before increasing by 70% over the next two days, as shown in the chart above.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
