AGIX crypto did something that maybe less than a handful of cryptocurrencies have managed to accomplish this year so far. It bounced back to a new all-time high, compared to the highest level during the last bull market peak in 2021.
Read AGIX crypto price forecast for 2023/2024
The reason for the strong AGIX performance is quite simple and noteworthy for those wondering what’s next for it. Artificial intelligence has been one of the hottest topics since early 2023. It is therefore only natural that many in the crypto industry are looking for projects that are AI-focused.
AGIX happens to be among the promising coins tapping into the nascent AI industry. It is native to SingularityNET, a blockchain platform designed to facilitate easy development and monetization of AI services. It is one of the first projects currently blurring the line between AI and blockchain technology.
Why does SingularityNET exist?
The answer to the aforementioned question explains why AGIX crypto rebounded strongly this year. It can also provide insight into what to expect in the future. Most AI solutions are currently centralized and owned by large companies. SingularityNET’s goal is to introduce decentralized, democratized AI solutions.
Many find the prospect of decentralized AI offerings quite interesting. This could explain the sudden uptick in optimism at the beginning of the year. A decentralized option can provide opportunities for individuals who believe in the project. For example, a decentralized approach can allow investors to contribute their computing power and earn passive income.
Censorship and unfair restrictions are mainstays in centralized services. This point underscores a major reason why individuals and businesses want to approach SingularityNET.
AGIX query drivers
Utility is one of the biggest factors when considering a cryptocurrency’s long-term growth potential. AGIX serves multiple use cases on SingularityNET, including facilitating governance, encouraging participation, and transactional purposes.
The above factors contribute significantly to the biological demand. However, the biggest demand drivers of AGIX crypto are whale and retail demand. This could explain why it performed and delivered so well in the first few weeks of 2023.
AGIX’s price action
AGIX rose a whopping 1380% from its 2023 low to its current YTD peak. More impressively, it peaked at $0.67 in February 2023, which is slightly higher than its peak of $0.65 in September 2021. It was trading at $0.25 at the time of writing after losing a significant portion of had lost its gains made earlier this year.
Source: TradingView
AGIX has so far managed to maintain a higher percentage of its previous gains in 2023. Most of the top cryptocurrencies have given up most of their Q1 gains. This impressive performance is testament to the strong demand AGIX has received this year.
Is your wallet green? Check out the AGIX Profit Calculator
In terms of prevailing demand, AGIX’s daily active addresses have declined over the past 4 weeks. The same goes for SingularityNET’s network growth – currently at its lowest monthly level.
Source: Sentiment
The declining performance reflects the slowing overall conditions in the crypto market. However, there is still good news for those interested in AGIX. SingularityNET’s development activity has grown over the past 4 weeks and is currently at its highest monthly level.
Source: Sentiment
While higher development activity doesn’t necessarily guarantee future results, it can boost investor confidence. This is because the network is still building its vision. We were still a little curious about the future of AGIX, so we decided to ask AI what it thinks.
ChatGPT had reservations about having opinions on such matters. Nevertheless, it offered this information when questioned about its thoughts on the future and AGIX crypto.
Source: ChatGPT
Despite the above findings, SingularityNET is still a long way from reaching its full potential. The good thing is that it is still building towards that. AGIX crypto now has another shot at a potentially robust future as its proprietary platform gains popularity as one of the best decentralized platforms venturing into AI.
The AI segment is still in its infancy. So there is a lot of room for growth. While this is encouraging for investors, it doesn’t necessarily guarantee that AGIX crypto or SingularityNET will be wildly successful.
