🌎 Bittensor Surges 106.8% in 30 Days, Market Cap Hits $4.79 Billion

Bittensor, an artificial intelligence-focused token, has emerged as one of the top gainers among the top 100 cryptocurrencies over the past 30 days, following Neiro and Sui.

Bittensor’s Impressive Growth

Bittensor (TAO) has seen a remarkable rise of 106.8% over the last 30 days. From its lowest point in September, TAO is up by 181%, bringing its market cap to over $4.79 billion. As of the latest data, the altcoin is trading at $649.

Factors Contributing to TAO’s Surge

One significant factor behind TAO’s rise is the recent rally in Nvidia Corp’s stock, which surged by 15.4% over the past 30 days, closing at $134.80 on October 13. Nvidia’s market cap has reached an astounding $3.31 trillion. This upward trend in Nvidia stocks, which are up 179.8% year-to-date, has positively influenced the AI-crypto market, including TAO, pushing the overall AI-crypto market cap up by 1.6% in the last 24 hours. The total market cap for AI tokens now stands at $29.8 billion.

Institutional Interest

Institutional interest has also played a crucial role in TAO’s ascent. Grayscale, a prominent digital asset manager, recently launched 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 boosted investor confidence, driving more adoption and investment into TAO.

Futures Market Demand

The demand for Bittensor in the futures market has surged, reaching a record high of $220 million on October 14, up from $46.8 million in September. This growing open interest signifies increased demand among traders and investors.

On-Chain Metrics

On-chain metrics also indicate a rise in network activity for Bittensor. The number of active accounts has increased to 134,000 from 127,000 at the end of September. Additionally, the total TAO staked by holders has exceeded 5.9 million tokens.

Analyst Predictions

Some analysts expect TAO’s rally to continue. In a recent post, 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 noted that TAO is trading within an upward channel. If it maintains this trajectory, a breakout could occur around the $768 – $780 resistance zone. However, the analyst cautioned that the $650 mid-level serves as a crucial support; falling below this point could invalidate the bullish setup, signaling a potential downward shift in momentum.

Technical Indicators

On the 1-day price chart, TAO is currently above the 50-day Moving Average, indicating a bullish trend and potential continuation of upward momentum. The Relative Strength Index (RSI) has recently pulled back from overbought levels but remains steady above 60, suggesting that bulls are still in control of the price action. Currently, at 65, the RSI indicates room for further gains in the short term before approaching overbought territory again, which could potentially lead to a trend reversal.