Axelar (AXL) and Fetch.ai (FET) Prices Surge Despite Crypto Market Weakness

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Bittime - The crypto market entered March with an unfavorable trend. Most crypto assets experienced brief corrections, including Bitcoin (BTC) which still dominates the market. However, there are some altcoins that managed to show positive performance amid gloomy market conditions. Two of them are Axelar (AXL) and Fetch.ai (FET), which recorded significant price increases in the last 24 hours.

Crypto Market Weakens, Bitcoin Drops Below $62,000 (IDR 975,461,674)

According to data from CoinMarketCap, a leading crypto analysis platform, the total crypto market capitalization fell by 1.69% to $2.3 trillion (IDR 36.18 quadrillion) on Monday (1/3). The 24-hour trading volume also fell by 35.61% to $128.5 billion (IDR 2.02 quadrillion).

Bitcoin, the largest and most popular crypto asset, has also seen a decline of 1.55% in the last 24 hours. Bitcoin's price is currently hovering around $61,900 (IDR 973,798,143) per coin, far from the all-time high reached in late February of $68,789.

Bitcoin's decline was influenced by several factors, such as selling pressure from long-term holders, decreased demand from institutional investors, and regulatory uncertainty in several countries. In addition, Bitcoin also faces competition from Ethereum (ETH) and Binance Coin (BNB), which offer more diverse features and functions.

AXL and FET Succeed, Record Stunning Price Increase

Although the crypto market is generally weakening, there are several altcoins that have managed to go against the grain and record stunning price increases. Two of them are AXL and FET, which are up by 81% and 14.82% respectively in the last 24 hours.

AXL is the native token of Axelar, a protocol that aims to make Web3 successful by connecting different blockchain networks. Using an innovative approach, Axelar enables interactions between blockchains to be faster and easier, making it an essential part of Web3.

AXL is used to power network operations and keep them secure. Validators stake AXL for participating in the Proof-of-Stake (PoS) consensus mechanism, earning rewards for validating cross-chain transactions. Axelar also uses inflationary rewards and gas-burning mechanisms to make tokens useful and valuable.

Also Read How to Buy Crypto:

Causes of AXL Price Increase

One of the factors driving the price of AXL is the listing of this token on Binance, the world's largest crypto exchange, on Monday (1/3). After this announcement, the price of AXL jumped from $1.49 (IDR 23,442,372) to $2.73 (IDR 42,949,827) per token, or an increase of 81%. AXL's trading volume also increased by 507%, reaching $1.2 billion (Rp 18.88 trillion).

In addition, AXL also received support from Ripple, one of the world's leading crypto companies. Axelar and Ripple have announced a strategic partnership to enhance interoperability within the XRP Ledger, the blockchain network used by Ripple to offer cross-border payment solutions. This partnership demonstrates Axelar's dedication to advancing blockchain interoperability and making decentralized finance applications more useful.

FET Prices Rise

FET is the native token of Fetch.ai, an AI lab that aims to create a public, decentralized, permissionless machine learning network. Using AI and blockchain technology, Fetch.ai allows users to create, manage, and deploy intelligent agents that can interact with the real and digital worlds.

FETs are used to access Fetch.ai networks and the services they offer, such as search, learning, and optimization. FETs are also used to incentivize network participants, such as validators, data providers, and developers.

One of the factors driving up FET prices is the increasing adoption of Artificial Intelligence (AI) and digital currencies. Fetch.ai has collaborated with several strategic partners, such as Bosch, Festo, Datarella, and Ocean Protocol.

The current FET price reaches Rp29,095 per token. This price experienced a small correction of 4.17% in the last 24 hours. Even so, FET prices have jumped by 1,100% since the beginning of the year. FET trading volume also increased by 1,300%, reaching $1.1 billion (Rp 17.31 trillion).

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How to Buy Fetch.ai (FET) on Bittime

You can buy and sell Fetch.ai (FET) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Fetch.ai (FET) is available on Bittime with the market pair FET/IDR. To be able to buy FET IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Fetch.ai (FET) on Bittime.

Monitor the price chart movements of Fetch.ai (FET), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Ripple and Axelar Work on RWA Tokenization Project on XRP Ledger

Axelar Launches Multichain Tokens, Leading the Era of Blockchain Integration

Fetch.ai (FET) Price Rises Amid AI Token Boom

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.