Fetch.AI has become a notable AI crypto token thanks to the buzz surrounding ChatGPT. Optimism, a Layer 2 scaling solution for Ethereum, recently signed a partnership agreement with Coinbase. Crypto expert Dominic Basulto of consulting firm MotleyFool has promising long-term growth prospects for these altcoins.
Altcoins with long-term prospects
cryptocoin.com As you follow, while the crypto market recovery waned in February, the new year was off to a hot start for just about every type of crypto, including metaverse and AI tokens. The task now is to discover fast-growing altcoins with the best long-term prospects. These altcoins, which seem to have solid long-term growth prospects, stand out. Both are among the top 100 cryptos by market cap. But it may be flying under the radar of mainstream crypto investors.
First up is Fetch.AI (FET)
Fetch.AI (FET) has grown by a whopping 350% to date, largely driven by massive investor enthusiasm for AI tokens. Given the popular success of Chatbot ChatGPT and other AI-powered bot platforms, Fetch.AI has mobilized investors around the AI-powered crypto protocol that allows the creation of autonomous AI agents to run online tasks.
What’s particularly impressive about Fetch.AI is the scale and scope of these tasks. These aren’t just cute parlor tricks, as you might expect from ChatGPT. These tasks can transform entire companies or even entire industries. Fetch.AI says it hopes these autonomous AI agents can help reorganize supply chains and optimize entire logistics networks. To make this a reality, Fetch.AI has published a detailed roadmap for 2023.
Recently, German engineering and technology company Bosch partnered with this crypto in the creation of the new Fetch.AI Foundation to increase the adoption of AI-powered tools by Web3. Working along the lines of the Linux Foundation, the foundation will focus on three key areas: mobility, industry and consumers. Those are the three big potential growth areas, so I’m very excited about Fetch.AI.
The only caveat here, of course, is that a number of big tech players are also entering the AI market right now, including Alphabet, through the introduction of Google’s Bard AI chatbot. One of the concerns among investors is that any sign of Google’s solid performance in the AI sector could lead to a significant short-term drop in the price of cryptocurrencies like Fetch.AI.
Optimism (OP) comes in second place
Optimism (OP) is one of the most important Tier 2 scaling solutions for Ethereum (ETH), the world’s largest Tier 1 Blockchain network. This means that the growth of Optimism is directly tied to the growth of Ethereum. Most of the really exciting growth happening in the Ethereum ecosystem will happen at the Layer 2 level, not the core base layer. Therefore, I think Optimism may outperform Ethereum in the near term. Other traders seem to agree with Optimism rising more than 170%.
Optimism’s biggest catalyst this year was the announcement of a major new partnership with cryptocurrency exchange Coinbase (COIN), which will use Optimism’s technology to create an entirely new Layer 2 scaling solution called Base. This could be huge, as Coinbase said the ultimate goal is to create a new broad ‘Super Chain’ that will include both Base and Optimism. This Super Chain could become a real force in the world of decentralized finance (DeFi), which could significantly increase the fortunes of Optimism.
And that’s not all: Optimism is also scheduled to release a much-anticipated upgrade called Bedrock, which will reduce network usage charges by an estimated 47%. This would significantly increase Optimism’s ability to attract developers and users, given the huge cost savings at stake here. There are already signs that Optimism is outpacing other Tier 2 competitors in attracting and retaining developers.
Are these altcoins suitable for investment?
These two tokens are tied to important investment theses. One is the continued growth of the AI industry and the ability of artificial intelligence and machine learning tokens to transform the world around us. The other is the continued growth of Ethereum, which has the largest, most diverse crypto ecosystem. By investing in Fetch.AI and Optimism, you gain access to growth in both of these areas.
Remember that investing in crypto involves a lot of risk and volatility. These are my two top-growing cryptocurrencies, but they’re certainly not my top two security cryptocurrencies. They adhere to long-term secular trends in the tech industry. However, this does not mean that the growth paths for these altcoins will be straight. There will be ups and downs, so consider a long-term investment outlook.
The opinions in the article are those of the experts and are definitely not investment advice. We recommend that you do your own research before investing.
