The accompanying overview from Coin360 illustrates the development of the crypto market over the past 7 days. According to coinmarketcap.com, the total crypto market cap is currently $1,220 billion and now has 23,689 crypto currencies.
Bitcoin’s market dominance has rebounded to 46.4% over the past week, with Bitcoin’s market cap shrinking to $571 billion. The market dominance of Ethereum (ETH) has dropped slightly to 19%, while the market cap of the number two coin has also decreased to $230 billion.
Bitcoin is consolidating around $30,000
Bitcoin and Ethereum recently crossed the $30,000 mark and the $2,000 mark respectively. These levels could not be maintained, after which the 2 largest crypto currencies fell back. Currently, Bitcoin is consolidating around $30,000.
Bitget invests $10 million in Fetch.ai ecosystem
Crypto exchange Bitget also sees great potential in Artificial Intelligence, given its $10 million commitment to developing the Fetch.ai ecosystem.
Cryptoproject Fetch.ai provides the infrastructure to develop autonomous services. Fetch.ai’s core product is the artificial intelligence (AI) agent network. This is a decentralized network of autonomous agents that can perform various tasks, such as data analysis and complex financial modelling.
Fetch.ai provides, among other things, a smart wallet with automation and integration with OpenAI’s ChatGPT API. The artificial intelligence chatbot had already surpassed 100 million users in January 2023.
Bitget argues that the recent AI hype that ChatGPT has generated “provides more capabilities of this technology in enhancing human productivity and creativity.” In addition, Bitget aims to provide services to expand Fetch.ai business partnerships.
Fear & Greed Index has fallen back towards neutral zone
The value of the Fear & Greed Index, compiled by Alternative.me, has picked up and is currently trading at 59 in the ‘Neutral’ zone, up from a value of 52 last week. Investor confidence in the crypto market is still upbeat given its position in the Greed Zone.