Graph cryptocurrency is soaring 35% on the 'AI wave' 📈

The Graph cryptocurrency has surpassed a market capitalization of $1 billion and is trading up more than 35% today. The rally may be partly related to the development of the Graph ecosystem in Q4 2022 and a new trend among AI projects. Today between 7pm and 10pm, Microsoft (MSFT.US) is likely to release another statement regarding further cooperation with OpenAI, which could provide additional volatility to risky assets after Powell's scheduled speech.

• Bitcoin managed to regain the $23,000 level today, and the cryptocurrency market is seeing a slight improvement in sentiment. Graph has already risen nearly 60% over the past week, but is still 80% below its historical highs;
• Graph helps application developers expand their infrastructure for on-chain data storage and processing. The protocol supports data from 26 different blockchain networks including Ethereum, Polygon, Filecoin (IPFS), Avalanche, Phantom, Moonbeam as well as Arbitrium and Optimism, which are definitely 'on the rise' at the moment;
• According to.Messar's February 2023 report, Graph's main source of revenue is fees for responding to inquiries from data consumers. In Q4 2022, Graph reported a 66% increase in revenue from query fees, resulting in a 5% increase k/k and a massive 265% increase y/y. Analysts indicated that query fees should grow as the network expands. According to data from CoinMarketCap, Graph is currently the cryptocurrency with the largest capitalization among 'big data' and AI projects.

Graph, D1 interval. The price has climbed above the SMA200 signaling a trend reversal, but the RSI indicator shows record overbought levels. Source: xStation5