- The native token of Bittensor, TAO, surged over 15% within 24 hours, climbing from a low of $289.14 to a peak of $334.65.
- This movement occurred amidst speculation regarding the potential repercussions of the upcoming interest rate cut announcement by the US Federal Reserve.
Bittensor (TAO) has distinguished itself as a standout performer on both the 24-hour leaderboard and in longer-term assessments. Bolstered by robust community backing and continuous advancements within its ecosystem, the outlook for its network and token appears highly promising.
Bittensor (TAO) Performance Over the Last 24 Hours
In the past 24 hours, Bittensor (TAO) bounced from a low of $289.14 to reach a high of $334.65, marking an impressive increase of over 15% in its value. As of 5:00 AM UTC, it stabilized around the $323 mark, successfully retaining about 12% of the day’s gains.
During this period, the digital asset saw its trading volume spike by 64%, translating to $118.25 million worth of TAO exchanged between DeFi wallet addresses. This latest surge has elevated the market cap of its 7.38 million token supply to approximately $2.397 billion.
Over a more extended timeframe, Bittensor’s native token has notably gained about 16% over both the past week and month, while it has skyrocketed by an impressive 487% over the course of a year.
Despite this substantial rebound, TAO still lingers 57% below its all-time high (ATH) of $767.68 recorded five months ago.
Factors Influencing Price Movements
It’s important to acknowledge the current cautious approach among investors due to the anticipated announcement from the US Federal Reserve regarding the ongoing Federal Open Market Committee (FOMC) meeting. The prevailing sentiment prepares for the possible interest rate adjustment, which is likely to be a cut of at least 25 basis points (bps), and the effect this may have on equity and crypto markets.
The prevailing cautious sentiment is reflected in the Crypto Fear & Greed Index, which scores 45 points, placing it within the “Fear” category. Nevertheless, Bittensor’s gains exemplify its resilience and adaptability in the face of market uncertainties, highlighting how its strong community support fortifies its foundations.
Bitcoin (BTC) Compared to TAO
A pseudonymous analyst known as “The Smart Ape” recently made a comparison between TAO and Bitcoin (BTC). The analyst stated, “TAO is like BTC on steroids” after delving into its whitepaper.
Similar to Bitcoin, Bittensor employs a Proof-of-Work model within its blockchain, while also incorporating a Proof-of-Stake (PoS) consensus mechanism.
This dual approach has enabled the establishment of its Proof-of-Intelligence infrastructure. Rather than solving complex mathematical equations, the nodes engage in machine-learning tasks to showcase their intelligence. The blockchain generates new blocks and allocates token rewards based on the accuracy and value of the outputs produced by the nodes.
Additionally, TAO features a token cap of 21 million, mirroring that of BTC. Moreover, it adopts a comparable deflationary mechanism with halvings occurring every four years.
