The price of Artificial Superintelligence Alliance USD (FET) has experienced a notable decline today, driven by a combination of factors affecting the broader cryptocurrency market. Despite a recent surge in AI-related cryptocurrencies following positive developments in the AI sector, FET has not maintained its upward momentum. The broader AI crypto market had previously rallied due to the appointment of AI experts in the incoming Trump administration and a significant funding announcement from Elon Musk's xAI. However, FET's price has been unable to sustain gains, possibly due to market corrections or profit-taking after the recent rally.
Additionally, the cryptocurrency market has been overshadowed by concerns over security vulnerabilities, as highlighted by a series of high-profile hacks throughout 2024. The ongoing threat of cyber exploits, which have resulted in billions of dollars in losses, may have contributed to investor caution and selling pressure on FET. The persistent risk of hacks in both decentralized finance and centralized exchanges continues to weigh on investor sentiment, potentially impacting FET's performance.
FET's price has fallen by 4.49% today, reaching a low of $1.331965.