As a seasoned crypto investor with a knack for spotting trends and analyzing market movements, I find myself intrigued by the meteoric rise of Bittensor (TAO). With my years of experience in navigating the volatile waters of the cryptosphere, I’ve seen plenty of promising projects come and go. However, TAO seems to be holding its ground and then some.
Among the top 100 cryptocurrencies over the past month, Bittensor, a digital asset centered around artificial intelligence, has secured the third-highest growth rate, just behind Neiro and Sui.
Over the past 30 days, Bittensor (TAO) has experienced a significant surge, increasing by approximately 106.8%. This remarkable growth builds upon an even more impressive 181% rise from its lowest point in September. Currently standing at over $4.79 billion in market cap, the altcoin TAO is being actively traded at around $649 per unit as of the latest reporting.
As a crypto investor, I can partially attribute TAO‘s recent growth to the impressive 15.4% rise in Nvidia Corp’s stock over the past month. On October 13, this surge culminated in a closing price of $134.80 for Nvidia’s shares. This remarkable uptick has significantly swelled Nvidia’s market capitalization to an astonishing $3.31 trillion, as reported by MarketWatch.
This year, Nvidia’s stocks have surged by an impressive 179.8%, which in turn has propelled other Artificial Intelligence (AI)-focused cryptocurrencies like TAO. As a result, the overall market cap of AI-related cryptos increased by approximately 1.6% over the past day, reaching a total valuation of $29.8 billion according to CoinGecko.
The influence of institutions has been substantial in the growth of TAO. Recently, a significant digital asset manager, Grayscale, launched a fund dedicated to Bittensor, amassing $4.9 million in assets. This move by Grayscale, increasing Bittensor’s share in its AI fund from 2% to 31%, has not only boosted investor trust but also sparked more adoption and investment into TAO.
On October 14th, Bittensor’s demand in the futures market hit an all-time high of $220 million, significantly exceeding its September low of $46.8 million. This surge indicates a growing interest among traders and investors, as shown by the rising open interest.
The Bittensor network’s on-chain data shows a significant increase in activity, as the number of active accounts climbed to 134,000 from 127,000 at the end of September. Furthermore, the total TAO tokens staked by holders have surpassed 5.9 million.
Based on certain experts’ opinions, it’s anticipated that the price surge for TAO will persist. On platform X, one analyst has forecasted a short-term goal of $1,000 and a mid-term objective of $3,330 for the token, attributing this to robust technical signals.
Currently, anonymous trader XO has noted that TAO is moving within an upward trend and suggested that if this pattern persists, there might be a breakout around the $768 – $780 price range which serves as a resistance zone. Yet, they cautioned that the $650 level is crucial as it provides support; should the price drop below this point, it could disrupt the bullish forecast, potentially indicating a change in direction towards a downward trend.
On the one-day price graph, TAO is presently above its 50-day Moving Average, suggesting a bullish trend and possibly continued upward movement. The Relative Strength Index has recently retreated from extreme overbought levels but continues to stay above 60, signifying that the bulls are still dominating the price dynamics. Right now, at 65, the RSI hints at potential short-term increases before approaching overbought territory again, which might lead to a possible trend reversal.
Read More
Sorry. No data so far.
2024-10-14 13:15