The price of Artificial Superintelligence Alliance USD (FET) has been under pressure today, primarily due to broader market trends affecting the cryptocurrency sector. A strong U.S. dollar has been a significant factor, as it often inversely impacts the value of cryptocurrencies. The U.S. Dollar Index (DXY) has shown strength, which historically leads to a decline in crypto prices, including FET. This trend is compounded by the overall market sentiment, which has seen a decline in major cryptocurrencies like XRP, Dogecoin, and Ethereum, contributing to a 3% drop in overall market capitalization.
Additionally, the end-of-year market uncertainty has led investors to trim positions, further impacting FET's price. The CoinDesk 20 index, which tracks the largest tokens excluding stablecoins, has shed 3.5%, reflecting a cautious approach by investors as they navigate the final days of 2024. This broader market pullback has influenced FET's performance, as it is part of the larger crypto ecosystem that is currently experiencing a downturn.
FET's price has decreased by 1.42% today, with the current price standing at $1.276738. The cryptocurrency reached a high of $1.355803 and a low of $1.268993 during the day.