Decentralized blockchain network Bittensor and its native token, TAO, have shown significant upward momentum over the past month, consistently outperforming major cryptocurrencies such as Bitcoin and Ethereum across all time frames.
Designed for decentralized finance (DeFi) applications, TAO has surged past the $400 mark, achieving nearly 45% gains in the last month alone and an impressive 695% increase year-to-date.
Analysts are optimistic about the token’s future potential, especially given that TAO reached an all-time high of $757 earlier this year. Many market experts believe that TAO could approach this price level again before the year ends.
Keys Behind The Bittensor Price Rally
Technical analyst Altcoin Miyagi has commented on the recent price action, noting that Bittensor has quickly moved past liquidity zones and is nearing a key target of $450. He anticipates a brief correction and some volatility before the price continues its ascent towards $600.
Miyagi also highlights the impending “artificial intelligence (AI) season,” which he believes will heighten investor interest in TAO and drive further price appreciation. This optimism is rooted in Bittensor’s goal to develop decentralized AI production.
According to Bittensor’s official website, TAO is the decentralized currency that powers the production of AI within subnets. These interconnected subnets facilitate profitable interactions, allowing different AI entities to share and enhance each other’s capabilities.
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Supporting this bullish outlook, analyst Dread Bongo emphasizes the transformative impact of AI on various sectors, noting that the pace of change is accelerating rapidly.
The analyst cites innovations from AI startups and established companies alike, including the recent launch of a record-breaking $30 billion fund by asset manager and crypto exchange-traded fund (ETF) issuer BlackRock and Microsoft aimed at bolstering AI infrastructure.
Bongo believes that the AI sector, currently ranked #30 on CoinGecko, is significantly undervalued and poised for growth. He predicts that AI within the cryptocurrency space could rival established categories such as Layer 1 protocols, smart contracts, and stablecoins.
With this context, Bongo argues that TAO is well-positioned to capture a significant share of the artificial intelligence market, setting the stage for…
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