Key Takeaways:
- Big Data Protocol rode the hype around AI to surpass its peers in terms of YTD gains.
- BDP token price rose by 4,435% in 2023.
PATNA (CoinChapter.com) — Commercial data service platform Big Data Protocol (BDP) enjoyed a huge bull run in 2023. BDP token price roared past peers to register 4,435% YTD gains as the Big Data Protocol token reached a daily high of $0.775 on Feb 8.
The widespread hype over Artificial Intelligence drove the uptrend in the Big Data Protocol token’s rally. Additionally, several traders believe AI-focused crypto tokens would likely lead the crypto market’s next bull run.
Other AI-crypto tokens, like GRT (The Graph), AGIX (SingularityNET), and FET (Fetch.AI) prices also saw significant YTD gains in 2023. The success of AI consumer apps like ChatGPT has forced big tech firms and crypto platforms to take notice of AI’s rise.
Big Data Protocol has hopped onto the AI-hype bandwagon, showcasing its partners made in the past two years. Moreover, the BDP token team called out other firms that recently forayed into AI-related services, stating it was “easy to do an AI pivot, not so easy to have real AI partners.”
On Feb 4, Big Data Protocol announced the launch of BDP Data Market 2.0, defining it as a “Web 3.0 market for commercially valuable data.”
The project would help tokenize data, allowing the on-chain transaction of AI data. Furthermore, the BDP team stated that partners in the Data Market 2.0 project include the Intercontinental Exchange (ICE), which owns the NYSE.
Also Read: 3 Reasons Why Fantom (FTM) Risks Bearish Reversal By March 2023
As a result of the developments, BDP fans called for the token’s listing on various exchanges. The Big Data Protocol coin’s recent rally also drove the calls for exchange listings.
BDP Price Rally Halts After Charting Multi-Month High
Meanwhile, the Big Data Protocol coin’s price rally halted on Feb 8 after BDP price plunged 52% to a low of $0.37 during trading. However, bulls recovered some of the lost ground, suggesting buyers are still interested in the AI-crypto token.
Interestingly, Feb 8’s daily high of $0.775 was the Big Data Protocol token price’s highest since May 2021.
Meanwhile, the relative strength index of BDP continued being overbought, clocking at 76.2 on the daily charts. Overbought RSI levels have traditionally been a sell signal for traders, as they often precede a bearish trend reversal.
Should the selling pressure increase, the BDP coin price might drop to support near $0.325. A marketwide sell-off might force BDP price to breach immediate support and fall to $0.19 before recovering.
On the other hand, the bullish pattern formed when the Big Data Protocol token’s 100-day EMA (blue wave) trendline moved above its 200-day EMA (green wave) to form a golden cross might attract buyers to the market.
Traders consider the pattern an indicator of positive market sentiment and a buy signal.
Hence, the BDP token price might challenge resistance near $0.5. Successfully conquering immediate resistance could help the BDP coin to rise to $0.77 before downside corrections pare gains.
Frequently Asked Questions (FAQ)
It seems unlikely that a sudden rally could result in a token getting listed on major crypto exchanges. However, crypto markets are narrative-driven, and the current market narrative has AI-crypto tokens in the center. Hence, the chances of a BDP token listing cannot be ignored.
