Investors are looking for a cryptocurrency AI whale

Cryptocurrency investors have shown faith in decentralized artificial intelligence (DAI). In turn, Fetch.ai saw the largest proportional increase in the number of owners on eToro in the first quarter of 2024, according to the latest data from this platform.

In a nutshell:

• Fetch.ai jumps 13 places as the largest cryptocurrency on eToro this quarter, with investors benefiting from decentralized artificial intelligence,
• NEO, Terra Classic and Maker see the biggest declines as investors lock in profits,
• Smaller tokens are gaining double-digit growth thanks to investors supporting new blockchain-based technologies.

AI whale wanted

Fetch.ai, the native token of the eponymous decentralized platform for the development and monetization of AI applications, recorded 94%. increase in holders in the first quarter, jumping 13 places and becoming the 33rd most held crypto asset on the eToro platform at the end of the first quarter. Fetch.ai announced last week that it will merge with SingularityNET and Ocean Protocol to launch a combined token called ASI (short for artificial superintelligence), seeking to join forces in the race with big tech companies to develop DAI on the blockchain.

Other cryptocurrencies with significant action in the first quarter included Arbitrum and Immutable X, which are Layer 2 scaling solutions on the network Ethereum, obtaining 73% respectively. and 57 percent more owners. The top ten included cryptocurrencies representing a range of blockchain technologies, such as decentralized video streaming (Livepeer, 7th place) and artificial intelligence-compatible scaling solutions (Skale Network, 6th place).

Table 1: Cryptocurrencies with the highest proportional increase in the number of holders quarter over quarter

Source: eToro platform data, 00:00 on April 2, 2024

Simon Peters, cryptocurrency analyst at eToro, said:

As artificial intelligence hype continues to dominate, many investors are looking for the next "Nvidia" in cryptocurrencies by getting involved in "fledgling" blockchain projects. The best example of this is Fetch.ai, whose price has increased almost fivefold since the beginning of the year.

It's altcoin season

Since the approval of bitcoin spot ETFs in January, interest in more than just large-scale projects such as bitcoin, but also smaller tokens in the cryptosphere. The double-digit increase in open interest in these tokens means that investors are looking to diversify their cryptocurrency portfolios by buying cheaper, lesser-known coins in the hope that their prices will rise.

The cryptocurrencies that have proportionally lost the most holders over the last three months are NEO (-23%), Terra Classic (-18%), and Maker (-12%). All three have seen price increases over the past three months, which likely prompted many investors to take profits.

Bitcoin, Cardano and Ethereum maintained their positions as the three most held crypto assets on the eToro platform. eToro's Individual Investor Pulse, a global quarterly survey of 10 individual investors, found that cryptocurrencies are the asset class in which respondents are most likely to increase their investments throughout the year. At the same time, 000 percent stated that they would be prioritized over other asset classes.

In addition to buying actual assets, investors have been looking for other ways to profit from the ongoing rise in bitcoin prices. The iShares Bitcoin Trust ETF (IBIT) is currently the seventh most widely held ETF fund on the eToro platform.

Table 2: The most popular crypto assets on eToro worldwide

Source: eToro platform data, 00:00 on April 2, 2024

The data in the tables present the 10 largest increases in the cryptocurrency market and the 10 most frequently held cryptocurrency positions (open positions) by investors on the eToro platform worldwide in Q1 2024 and Q4 2023. The data does not include positions held as contracts CFDs or in smart wallets. Data correct as of April 2, 2024.