There aren’t major macroeconomic events scheduled this week, but quite a few important crypto events. Bitcoin price looks to be in a distributive phase and could drop down to the daily imbalance at roughly $41,400. Investors need to pay close attention to BTC since the majority of the altcoins are highly correlated to the pioneer crypto. Only a select few altcoins tend to carve their own paths.
Bitcoin Price Analysis - Read more
AI likely to steal the spotlight
The next few week’s focus will be Artificial Intelligence (AI) due to two main reasons:
- February 8 to 10 – World AI Cannes Festival.
- February 21 – NVIDIA Corp’s earnings.
With NVIDIA’s earnings and the World Cannes AI Festival, the emphasis is definitely on AI tokens. Hence, investors should consider focussing on these altcoins to squeeze the maximum gains from the market.
Here’s how AI coins performed during NVIDIA’s previous earnings - Read more
Here’s a list of AI Coins that are leading the pack, with the potential to outperform major altcoins.
- Bittensor’s TAO token has rallied 21% in the past week.
- Render’s RNDR token registered a 9.2% gain last week.
- Other AI tokens include Akash Network (AKT), Fetch.ai (FET) and SingularityNET (AGIX).
Render Price Analysis - Read more
Fetch.ai Price Analysis - Read more
Crypto events this week
Apart from the AI tokens, here are this week’s important events.
- February 5 – Internet Computer (ICP) Ordinals discussion (coin ready to breakout)
- February 6 – Polygon (MATIC) Etrog Upgrade
- February 6 – Render (RNDR) Nosana Compute Client onboarding voting ends
- February 6 – Astar (ASTR) dApp staking v3 launches
Due to the current market conditions and the news, these altcoins are likely to experience high volatility, making them a good fit for trading.
A similar category of highly volatile but slightly bearish set of tokens would include Aptos (APT), Hashflow (HFT) and Moonbeam (GLMR). The reasoning behind the bias would be the massive size of tokens being unlocked this week.
- APT – $220 million.
- HFT – $4.04 million.
- GLMR – $1.04 million.
Important Reads
Dogecoin's recent network activity spike might not trigger DOGE price do the same, here's why
Ripple Price Forecast: XRP can revisit $0.696 if these conditions are met
Binance Coin Price Prediction: If BNB rallies 20%, this is how it would do it
Pyth Network could enter price discovery mode if PYTH bulls defend $0.427
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