Top 5 low-cost AI tokens with huge growth potential
The hype around the ChatGPT chatbot has sparked an increase in interest in projects related to artificial intelligence developments. We’ve selected 5 low-cap, low-priced AI tokens that have the potential to bring investors some long-awaited “X’s.”
1. Covalent (CQT)
CQT is a native token of the Covalent Network. The project collects information from dozens of sources, including nodes and blockchains, and then provides end users with individualized wallet data, including current and historical investment performance across all types of digital assets.
CQT currently trades at $0.1667 and has a market capitalization of about $86 million. The token has a maximum supply of 1,000,000,000 coins. CQT can be bought on several large centralized platforms – such as KuCoin and Kraken.
One of Covalent Network’s early investors was Binance. Since most of the projects funded by Binance Labs are listed on the exchange, sooner or later, CQT has every chance to show impressive growth.
2. Measurable Data Token (MDT)
The Measurable Data Token project has existed since 2014. Its goal is to create a decentralized system in which suppliers and buyers can safely and anonymously exchange data. The native coin of the MDT network is an ERC-20 standard token with a maximum offering of 1,000,000,000. Thanks to its listing on Binance, its daily trading volume far exceeds the small market capitalization of $70 million.
3. Vaiot (VAI)
Vaiot was founded in 2018 in Malta in collaboration with IBM. It develops AI assistants and blockchain-based smart contracts for businesses and consumers to provide automated services and transactions.
VAI is an ERC-20 token with a maximum offering size of 400,000,000. It acts as a method of settlement and an incentive for users, helping to secure the network and purchase services at lower prices.
Vaiot is listed on the KuCoin exchange, and its current market capitalization is about $25 million.
4. DeepBrain Chain (DBC)
DeepBrain Chain was founded in 2017 with the ambitious goal of building an infinitely scalable high-performance computing network based on blockchain technology and becoming the most important infrastructure in the 5G+AI era. Some major Korean companies are already using the technology it has developed.
Currently, DeepBrain Chain has a market capitalization of $24 million and is trading on Huobi and Gate.io. The low cost, the hype around artificial intelligence, and the ability to list on major exchanges make this coin a very interesting, though very risky, investment.
5. Big Data Protocol (BDP)
Big Data Protocol is a decentralized platform for exchanging commercial data and services that tokenizes information and makes it liquid with Uniswap. The BDP project’s native token has a market capitalization of $15 million and can be bought on several centralized exchanges – such as Gate.io and MEXC.
Like the aforementioned DeepBrain Chain, Big Data Protocol is a very promising, albeit risky, investment opportunity.
Earlier, we reported that the U.S. bank collapse brought bitcoin demand back.
Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike
Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.
Cryptotraders lost $132,000,000 in BTC
Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.
Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.
The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.
Regulators continue to hunt the cryptobusiness
Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.
The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.
We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.
Binance was caught circumventing KYC to register Chinese clients
Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.
The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.
The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.
An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.
We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.
Why cryptoanalysts expect bitcoin to fall
The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:
The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.
The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.
However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.
There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.
We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.
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