FET’s 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. It requires the proper use cases and a willing public open to new experiences when venturing 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, token-based decentralized machine learning network 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 Sept. 6, the price of FET spiked 70% to $1.12 on Sept. 7 — a new record high. Meanwhile, FET’s 24-hour trading volume surged 538% to $590 million.
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 also achieved a “global first” on Sept. 7 when an on-board Fetch.ai agent successfully interacted with Datarella’s self-sovereign identity, allowing the driver to rent a scooter from Tier 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 historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for FET began to pick up on Sept. 3 and reached a high of 71 around 48 hours before its price increased by 70% over the next two days.
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