As a seasoned researcher with over two decades of experience in the dynamic world of finance and technology, I must admit that the recent surge in Bittensor (TAO) has piqued my interest significantly. Having closely followed the AI industry’s growth, particularly Nvidia’s market share, it’s fascinating to see how decentralized AI products are gaining traction.
Before the highly expected surge in the crypto market during Q4, certain altcoins such as Bittensor (TAO) have started showing early indications of a forthcoming surge towards the explosive phase. Over the last fortnight, the price of TAO has soared by more than 111%, reaching approximately $546 in the London trading session on Monday.
In more recent times, a rapidly expanding artificial intelligence (AI) project has garnered considerable interest from institutional investors. The burgeoning success of the AI sector, evident through Nvidia’s increasing market presence, has played a crucial role in shaping the emergence of decentralized AI solutions.
Additionally, the Bittensor network now boasts over 102,000 registered on-chain accounts, and it has processed over 2.5 million transfer transactions.
Midterm Targets for Bittensor Price
In simpler terms, this mid-sized digital currency, valued at approximately $11.4 billion when all potential shares are considered, has recently surpassed a significant price barrier, roughly $350, which is both a resistance and support level for its trading activity, with an average daily volume of around $374 million.
The TAO‘s price is currently strong and poised for a quick surge toward its record high, as it consistently closes above both the 50 and 200 daily Moving Averages (MA). Additionally, the Daily Relative Strength Index (RSI) has recently shot past 70%, a level not seen since February when the TAO price reached a new peak.
A new wave of #Altseason is about to kick in as it broke out of the downtrend trendline resistance.
Perfect sign!
— Mikybull 🐂Crypto (@MikybullCrypto) September 23, 2024
As the much-awaited Altseason approaches, the TAO price appears poised to maintain its bullish trend in the upcoming weeks, given past trends. Additionally, Bitcoin‘s dominance shows signs of a significant shift, with a clear macro reversal pattern emerging – specifically, a rising wedge formation accompanied by a bearish divergence on the weekly RSI indicator.
In contrast, if Bitcoin’s price falls below $60K, this could negatively affect the entire altcoin market, causing the TAO price to potentially dip back towards its support at roughly $350.
Rising Adoption
The Bittensor network has grown to a mature ecosystem backed by top-notch web3 investors and validators. The Bittensor’s tokenomics have been applauded for considering the community and not enriching the developers. Furthermore, TAO has a max supply of 21 million coins and currently has a circulating supply of about 7.38 million units.
As a researcher, when examining the tokenomic structure for comparative analysis, I’ve observed that TAO coins share some resemblance with Bitcoin in terms of their underlying principles. However, one notable difference is that TAO has a smaller circulating supply compared to Bitcoin.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), believes that the addition of TAO to prominent cryptocurrency platforms like Binance and Kraken is vital for its potential expansion. He emphasized that if TAO gets listed on Coinbase Global Inc (NASDAQ: COIN), it could significantly alter the altcoin’s trajectory, making it a significant turning point.
A 21mm diameter cap (for simplicity, let’s call it a 21mm top), an initial launch with high expectations (let’s refer to it as a bold debut), an extensive application potential (how about we say a versatile purpose), groundbreaking technology (we can express this as innovative tech), and an enthusiastic following (a dedicated fanbase might be more fitting here).
— Barry Silbert🎗️ (@BarrySilbert) September 22, 2024
It’s noteworthy that the Bittensor project has garnered backing from significant institutional investors previously. For example, Grayscale Investments launched the Grayscale Bittensor Trust last month, which currently manages over $2.5 million in assets.
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2024-09-23 15:30