TAO, Bittensor’s native cryptocurrency, has seen a meteoric rise this week, reaching a current value of $559.
TAO price has skyrocketed this week, positioning itself as the top cryptocurrency by weekly growth in the Top 100 of the crypto market.
According to data from CoinMarketCap, the cryptocurrency market has shown remarkable activity over the past week, with the impressive rise in the price of Bittensor (TAO) standing out, which has increased by more than 89% in the last seven days.
According to the data, this growth has led Bittensor to become the third most capitalized AI-related cryptocurrency in the crypto market, only surpassed by Near Protocol and Artificial Superintelligence Alliance.
At the time of writing, Bittensor is trading at over $559 per unit, while its market cap is above $4.100 billion.
Source: CoinMarketCap
Bittensor experiences a remarkable 89% boost in its price
El Bittensor price has seen a significant rise, reaching a 5-month high of $559, after trading at a low of $285 just a week earlier. The AI cryptocurrency’s bullish trend has caught the attention of analysts and traders, who have highlighted that TAO could continue on its upward trajectory and reach a target price of $600 in the near term.
In X, cryptocurrency analyst CryptoLax identified breakout patterns on the Bittensor price chart, signaling that the token has broken through key resistance levels over the past two weeks. According to the analyst, the breakout of the previous range, which ranged between $197 and $355, has been an indicator of strong demand from buyers.
Source: CoinMarketCap
What factors are driving TAO's growth this week?
One of the main catalysts behind the surge in TAO's price has been the recent introduction of the Grayscale Bittensor Trust, a new investment fund that allows accredited investors to gain exposure to the cryptocurrency. This launch, which reported Bit2Me News in early August has sparked renewed interest in the TAO token, especially in a context where AI-related cryptocurrencies are gaining popularity. Even though the cryptocurrency ecosystem remains volatile, interest in AI projects like Bittensor is on the rise, driven by the overall growth of the sector.
On the other hand, another factor that has contributed to the increase in TAO prices is the launch of Bittensor's new decentralized training mechanism in collaboration with Macrocosmos and Manifold.
According to analysts, the development of this innovation may have contributed to the positive perception of the TAO token and its recent growth.
The cryptocurrency community has shown increasing interest in AI tokens, especially as stocks of tech companies like Nvidia and Microsoft have also seen significant price increases, reflecting a general optimism towards this technology sector. Also, market analysts have pointed out that TAO’s price increase this week was driven by the overall growth of cryptocurrencies following the decision to cut interest rates by the US Federal Reserve.
Bittensor Price Projections
With the current momentum, Bittensor is testing key resistance levels that, if overcome, could open the door to new heights in price. Analysts have noted that Bittensor has managed to position itself as a strong contender in the AI-related cryptocurrency space, so the price of TAO could reach levels of up to $600 in the coming days. However, analysts have also warned of a possible correction in the short term.
Bittensor is a platform that combines blockchain technology with artificial intelligence to transform the way AI is developed, shared, and monetized in today’s world. Developed as a multi-faceted and collaborative approach, the project seeks to create a new decentralized AI marketplace conducive to the development of AI services and data, where the builders of the technology can be fairly and transparently rewarded.
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