Although there are no major macroeconomic events scheduled this week, there are quite a few important crypto events scheduled. Bitcoin price appears to be in a distribution phase and could fall to a daily imbalance of around $41,400. Investors should pay close attention to BTC as the majority of altcoins are highly correlated with pioneering cryptocurrencies. Only a select few altcoins tend to carve their own path.
Bitcoin Price Analysis – Read More
AI may gain attention
The focus of the next few weeks will be on artificial intelligence (AI) for two main reasons:
- February 8th to 10th – World AI Cannes Festival.
- February 21 – NVIDIA Corp. Earnings.
With NVIDIA's earnings and the World Cannes AI Festival, there is definitely a focus on AI tokens. Therefore, investors should consider focusing on these altcoins in order to get maximum profits from the market.
Here's how AI Coin performed in NVIDIA's last earnings – read more
Below is a list of leading AI coins that have the potential to outperform major altcoins.
- Bitensor’s TAO token has risen 21% over the past week.
- Lender’s RNDR token registered a 9.2% gain last week.
- Other AI tokens include Akash Network (AKT), Fetch.ai (FET), and SingularityNET (AGIX).
Rendering Price Analysis – Read More
Fetch.ai Price Analysis – Read More
Crypto Events of the Week
Apart from AI tokens, we will introduce important events of this week.
- February 5th – Internet Computer (ICP) Ordinal Discussion (Coins Ready to Breakout)
- February 6th – Polygon (MATIC) Etrog Upgrade
- February 6th – Render (RNDR) Nosana Compute client onboarding voting ends
- February 6th – Astar (ASTR) dApp Staking v3 launches
Due to current market conditions and news, these altcoins are likely to have higher volatility, making them suitable for trading.
A similar set of highly volatile but slightly bearish tokens in a similar category include Aptos (APT), Hashflow (HFT), and Moonbeam (GLMR). The reason behind the bias is the sheer scale of tokens being unlocked this week.
- APT – $220 million.
- HFT – $4.04 million.
- GLMR – $1.04 million.
important reading material
Dogecoin’s recent surge in network activity may not cause the DOGE price to do the same. Here's why:
Ripple Price Prediction: If these conditions are met, XRP could rise again to $0.696
Binance coin price prediction: If BNB rises by 20%, this will happen
Pyth Network could enter price discovery mode if PYTH bulls defend $0.427
