- Bittensor’s native token TAO surged to $579.74 following a 30% price increase on Monday.
- The token likely gained from Vice President Kamala Harris’s encouraging remarks regarding crypto and AI last Sunday.
Bittensor (TAO) kicks off Monday with impressive results. After Vice President Kamala Harris’s seemingly supportive address on cryptocurrencies and artificial intelligence (AI) on Sunday, the AI-focused token saw a spike of over 30% from its 24-hour low.
Bittensor (TAO) Price Action Today
As of 6:30 AM UTC on Monday, Bittensor’s native token TAO showed an incredible rise of over 22% compared to its price the previous day, climbing into the $568 range. This followed a 30% fluctuation from a low of $447.97 to a high of $579.74 within the last 24 hours.
This current price signifies an impressive growth in TAO’s valuation of 90% over the week, 64% over the month, and a staggering 1,020% in the past year. The token’s market capitalization is now at $4.186 billion with a circulating supply of 7.38 million. Additionally, trading volume for the crypto surged by 58% within one day, as over $297 million worth of TAO was transacted between DeFi wallet addresses.
At the time of writing, TAO was down 25% from its all-time high of $767.68 recorded five months ago. Nevertheless, both Bittensor and the larger crypto community are feeling optimistic about its possible ascent to $600.
What Triggered the Price Increase?
Bittensor, as an AI-related cryptocurrency, clearly profited from VP Harris’ address at a Wall Street fundraiser on Sunday. During the event, the Democratic presidential candidate expressed her commitment to backing innovative projects associated with AI and digital assets.
Harris asserted that this support is essential for enhancing the US’s competitiveness and ensuring consumer protection. She also noted that she “will cut the needless bureaucracy” hindering these sectors.
Critics were quick to emphasize that, as the sitting vice president, she already had the platform to drive changes in crypto, digital assets, and AI regulations, questioning why her remarks came at this juncture.
Nonetheless, many still regard Harris’ recent speech as encouraging news that could lead to tangible changes in these domains. In fact, the influential cryptocurrency Bitcoin (BTC) responded positively to her statements.
In the last 24 hours, the leading crypto asset climbed above $64,700 following her comments. Concurrently, Ethereum (ETH) rose above $2,600.
All these factors contributed to reinforcing TAO’s momentum after the US Federal Reserve’s significant announcement last week, which saw a 50 basis point (bps) reduction in interest rates to 4.75%-5%. This marked the first instance of the US central bank lowering borrowing rates since 2020.
Moreover, Bittensor enjoys solid fundamentals that enable it to weather dramatic shifts in market sentiment and trends. As the pseudonymous “The Smart Ape” on X put it, “TAO is like BTC on steroids.”
The Bittensor chain operates on a Proof-of-Intelligence consensus mechanism, blending the best features of both Proof-of-Work (PoW) and Proof-of-Stake (PoS) models to support its machine-learning-driven operations.
In addition, similar to Bitcoin, TAO has a robust deflationary mechanism, undergoing halving every four years. This is upheld by continuous advancements in its ecosystem and strong community backing as well.
