FET price spiked by 60% in an otherwise red market thanks to a growing number of real-world use cases and protocol upgrades.
The real-world adoption of blockchain technology is a slowly developing process that requires the right use cases and a willing public who are open to new experiences to be obtained when one ventures outside of their comfort zone.
An increasing number of real-world applications appear to be the motivating factor behind the recent gains seen in Fetch.ai (FET), a protocol focused on building an open access, tokenized-based decentralized machine learning network that aims to support the smart infrastructure being built around the digital economy.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Sep. 6, the price of FET spiked 70% to a new record high at $1.12 on Sep. 7 as its 24-hour trading volume surged 538% to $590 million.
FET/USDT 4-hour chart. Source: TradingView
The rapid increase in price and trading volume comes as the project tests a new multi-modal transport application called Deep Parking, an application built with AI and blockchain technology that helps automobile drivers locate empty parking spaces.
The protocol has also achieved a “global first” on Sep. 7 when an on-board Fetch AI agent successfully interacted with Datarella’s self-sovereign identity to allow the driver to rent a scooter from TEIR mobility.
This, Ladies & Gents, is a global first: a Tesla, after being identified by a gate control using on-board @Fetch_ai agents and @Datarella‘s Self-Sovereign Identity #SSI,enabling its driver to swith over to a scooter ride to the final destination #micromobility pic.twitter.com/hmCp4a0zUP
— MOBIX (@MOBIX_AI) September 7, 2021
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FET on Sep. 3, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. FET price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for FET began to pick up on Sep. 3 and reached a high of 71 around 48 hours before its price began to increase by 70% over the next two days.
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