- TAO surged by 90.09% over the past week, outpacing other AI coins.
Bitternsor surges to a 5 months high.
As a seasoned analyst with years of experience in the crypto market, I’ve witnessed numerous trends and fluctuations. However, the current surge of Bittensor (TAO) is undeniably impressive, especially considering its 90.09% increase over the past week. This outpaces other AI coins significantly, which is a testament to TAO’s resilience and potential.
AI-related coins have witnessed remarkable expansion across all seasons, primarily fueled by a surge in AI adoption.
In this favorable market climate, Bittensor’s TAO token stands out as the front-runner. Over the last year, the value of TAO has skyrocketed by an astounding 1020.9%. Notably, September was a particularly prosperous month for TAO, with the AI-based coin experiencing a significant surge of 65.52% in value.
At the moment, Bittensor is being traded at approximately $567.12. This represents an impressive 90.09% rise compared to its value from a week ago.
Bittensor outpaces other AI coins
Compared to TAO, other AI-related cryptocurrencies like Bittensor and Near Protocol have shown varying levels of growth. Specifically, the value of Bittensor has jumped by a significant 90% over the past week, whereas Near Protocol saw a more modest increase of about 19.94%.
Simultaneously, the Artificial Superintelligence Alliance (FET) saw a jump of 28.41%, while Render also experienced substantial growth, increasing by 23.2%. To add to that, Injective [INJ] also climbed upwards by 20%.
This shows that although markets for AI coins has seen increased adoption, TAO saw most gains.
What next?
Based on AMBCrypto’s assessment, Bitternsor has been showing a significant increase in value. After breaking out of the wedge formation, its price has climbed by approximately 40.33%. This suggests that the current market trends could lead to additional growth for TAO as depicted on price charts.
In simpler terms, the value of open positions for Bitternsor’s future contracts has significantly risen from $61.5 million to $114.06 million. This growth indicates that more investors are entering the market, pouring in additional funds, which suggests that interest and potential growth in the crypto is on the rise.
The recent price increase was accompanied by higher signals and a strong bullish sentiment.
Furthermore, there has been a significant increase in the process of closing short positions, setting a new record. As we speak, the liquidation of TAO‘s short position stands at an annual high of $1.45 million. Simultaneously, the liquidation of long positions over the past week has reached a record low of $139k.
As a seasoned investor with over a decade of trading experience, I’ve learned that a strong market sentiment can be a powerful indicator of future trends. When short sellers are forced to exit their positions due to the market’s positive momentum, it suggests that confidence in the altcoin is growing. On the other hand, long position holders who believe in the coin’s potential future price movement are demonstrating conviction and optimism. This dynamic tells me that the altcoin may be on the verge of a significant uptick, making it an attractive investment opportunity for those willing to take calculated risks.
Is your portfolio green? Check the TAO Profit Calculator
Essentially, TAO is witnessing a notable surge in value due to optimistic market attitudes. If the present market trends persist, it’s likely that TAO will shatter its resistance at the $586 price point.
A breakout from this level will push Bittensor to $645.
Read More
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- SABAI PREDICTION. SABAI cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- SWCH PREDICTION. SWCH cryptocurrency
- ONG PREDICTION. ONG cryptocurrency
- THE PREDICTION. THE cryptocurrency
- EUR PKR PREDICTION
- IXS PREDICTION. IXS cryptocurrency
- ONT PREDICTION. ONT cryptocurrency
2024-09-23 15:03