Originally published on: October 07, 2024
The AI token market is heating up, with Bittensor (TAO) leading the charge with an impressive 160% gain over the last month. On Oct. 7, TAO surged 16% in just 24 hours, hitting a trading price of $637. Compared to seven days ago, TAO is up by 7.5%, showcasing its strength in the AI sector.
According to data from Cointelegraph Markets Pro and TradingView, Bittensor’s recovery began on Sept. 7, climbing a remarkable 207% from a low of $220 to a six-month high of $678 on Oct. 7. The token is now only 13% shy of its all-time high of $767 achieved on April 11.
Accompanying TAO’s price rally is a surge in trading volume, which has spiked by 286% over the past month, indicating growing interest from traders. Additionally, its market capitalization has soared from $1.7 billion to $4.7 billion, solidifying its position as the second-largest AI token in the market.
So, what’s behind Bittensor’s impressive rally?
TAO’s surge can be attributed to its increased significance in Grayscale’s Decentralized AI Fund. Grayscale recently boosted TAO’s allocation in the fund to 29.5%, almost on par with Near Protocol. This move has propelled TAO ahead of other competitors, driving its breakout performance.
But TAO is not the only AI token making waves. Others like Near Protocol (NEAR), Internet Computer (ICP), and The Graph (GRT) have also seen significant gains in the past month. The AI and big data crypto market as a whole has seen a surge in market capitalization, reaching $36.9 billion, reflecting renewed investor confidence in the sector.
As AI tokens continue to gain momentum, the market is regaining its position after a recent downturn. With Bitcoin’s recovery and improved market sentiment, investors are once again eyeing AI tokens as a promising investment opportunity.
While the AI sector faces challenges, its potential for growth and innovation remains strong. As the market evolves, investors are closely watching the developments in AI-based projects and tokens, eager to capitalize on the next big trend.
This article serves as informative content and does not provide investment advice. Investors are encouraged to conduct their own research before making any financial decisions. Subscribe to our newsletter for more market insights and analysis.
