Outside Source
Bittensor, an artificial intelligence-focused token, ranked as the third top gainer among the top 100 cryptocurrencies in the past 30 days, following Neiro and Sui.
Bittensor (TAO) rose by 106.8% over the last 30 days. TAO is up 181% from its lowest point in September., bringing its market cap to over $4.79 billion. The altcoin was exchanging hands at $649 at press time
TAO’s climb can be partially credited to Nvidia Corp’s stock rallying 15.4% in the last 30 days, closing at $134.80 on Oct. 13. This surge pushed Nvidia’s market cap to a whopping $3.31 trillion, according to MarketWatch.
With Nvidia stocks up 179.8% so far this year, the momentum has lifted TAO and other AI-focused cryptocurrencies along with it, pushing the AI-crypto market cap up by 1.6% in the last 24 hours. According to CoinGecko, the total market cap for AI tokens now stands at $29.8 billion.
Institutional interest has also played a significant role in TAO’s rise. Grayscale, a major digital asset manager, recently introduced a Bittensor-focused fund, attracting $4.9 million in assets under management. Grayscale’s decision to increase Bittensor’s allocation in its AI fund from 2% to 31% has further fueled investor confidence, driving more adoption and investment into TAO.
Bittensor’s demand in the futures market has also surged, reaching a record high of $220 million on Oct. 14, up from September’s low of $46.8 million. Soaring open interest is a sign of increased demand among traders and investors.
On-chain metrics indicate that the Bittensor network has also witnessed an uptick in activity, with active accounts rising to 134,000 from 127,000 seen at the end of September while the total TAO Staked by holders has surpassed 5.9 million tokens.
According to some analysts, TAO’s rally is expected to continue. In a post on X, one analyst predicted a short-term target of $1,000 and a mid-term target of $3,330 for the token, citing strong technical indicators.
Meanwhile, pseudonymous trader XO observed that TAO was trading within an upward channel and noted that if it continues to follow this path, a breakout could occur around the $768 – $780 resistance zone. However, the analyst warned that the $650 mid-level serves as an important support; if the price falls below this point, it could invalidate the bullish setup, signaling a potential downward shift in momentum.
On the 1-day price chart, TAO is currently positioned above the 50-day Moving Average indicating a bullish trend and potential continuation of upward momentum. The Relative Strength Index has recently pulled back from overbought levels but remains steady above 60, indicating that bulls are still in control of the price action. Currently, at 65, the RSI suggests there is room for further gains in the short term before approaching overbought territory again, which could potentially lead to a trend reversal.
This article first appeared at crypto.news
