🌎 Bittensor Surges 108% in September, Trails Only Sui in Top 100

Bittensor, a rapidly growing artificial intelligence token, emerged as the second best-performing cryptocurrency among the top 100 in September, following closely behind Sui.

Bittensor’s Impressive Surge

In September, Bittensor (TAO) rose by an impressive 108%, while Sui, a notable Solana competitor, saw a 115% increase. Since hitting its lowest point in August, TAO has skyrocketed by 276%, pushing its market capitalization to over $4.4 billion.

AI Industry Developments Fueling Growth

The rally in Bittensor coincided with a rebound in several prominent AI assets, including Nvidia, C3.ai, Alibaba, and Palantir. Significant developments in the AI sector also played a crucial role. One major event was Alibaba’s announcement to launch over 100 new open-source AI models, signaling its ambition to become a key player in the industry.

Another significant milestone was the surge in OpenAI’s valuation, which increased from $100 billion on August 30 to $150 billion by September 14. OpenAI, the company behind ChatGPT, has become one of the most valuable entities in the AI sector. AI tokens like Bittensor tend to perform well when the AI industry is flourishing.

Grayscale’s Influence and Market Demand

Bittensor’s upward momentum was further bolstered after Grayscale launched the TAO fund, attracting over $4.1 million in assets and trading at a 5.6% premium to net assets. Grayscale also introduced a SUI fund, which garnered $2.3 million in assets.

The demand for Bittensor in the futures market soared to a record high of $172 million on September 30, up from $46 million earlier in the month. This surge in open interest indicates increased demand among traders and investors.

On-Chain Data Insights

On-chain data reveals that the Bittensor network is expanding, with the number of active accounts surpassing 127,000 and the amount staked reaching 5.9 million. Some analysts are optimistic about Bittensor’s future, predicting further upside potential. In a recent post, an analyst forecasted that TAO could jump to $1,000, citing strong technical indicators.

Additionally, there is anticipation surrounding the upcoming launch of BIT001, which will enable Bittensor’s subnets to create their own independent tokens.

Technical Analysis: Golden Cross Pattern

The TAO price experienced a significant jump after forming a triple-bottom at $217 and surpassing its neckline at $365, the highest points on July 26 and August 27. Bittensor also formed a golden cross pattern as the 200-day and 50-day moving averages crossed each other.

As of September 30, TAO was nearing the 23.6% retracement point and attempting to break the psychological level at $600. A breakthrough above this level could signal further gains, potentially reaching $777, which would represent a 30% increase from the current level.