Cryptocurrencies Price Prediction: DeFAI, Algorand & Bitcoin – European Wrap 16 January
|Is DeFAI’s next narrative in crypto-space?
The K33 report on Tuesday highlights DeFAI’s potential to revolutionize the crypto space by merging DeFi (Decentralized Finance) with AI (Artificial Intelligence). DeFAI's main focus is on abstraction layers, trading agents, and research agents to enhance usability, trading efficiency, and informed decision-making. While capturing just 2% of the DeFi token market, with a $2.7 billion valuation, DeFAI signals growth opportunities and could be the next big narrative in the crypto space.
Algorand Price Forecast: ALGO bulls aim for double-digit gains
Algorand (ALGO) price extends its gains and rises to over a one-month high, trading around $0.460 at the time of writing on Thursday after rallying more than 19% the previous day. The Algo insights report shows that ALGO’s Real World Asset (RWA) Total Value Locked (TVL) increased 34.6% in the second half of 2024, while 64.5% of the year’s follower growth on X occurred in the last quarter, signaling an increasing interest in the token in recent months. Additionally, on-chain data paints a bullish picture as ALGO’s open interest rises, and the long-to-short ratio is above one, all hinting at further gains on the horizon.
Bitcoin hits $100K again, XRP tests highs
Crypto market capitalization rose another 3.4% in 24 hours to $3.5 trillion, recovering to levels seen before the January 7 sell-off. Both the decline at the beginning of the month and the latest recovery are due to U.S. economic data, which temporarily has an unusually strong impact on cryptocurrencies. Recently, crypto lacks its own drivers, other than Ripple's case against the SEC and its impact on XRP.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.