- TAO has seen a remarkable surge of 90.09% in the last week, surpassing other AI cryptocurrencies.
- Bittensor reaches a five-month high.
Over the course of the year, AI cryptocurrencies have undergone exponential growth, primarily fueled by the rising adoption of AI technologies.
In this environment of favorable market conditions, Bittensor [TAO] has positioned itself as a frontrunner. In the past year, TAO has recorded an impressive 1020.9% increase in price, with September marking a particularly prosperous month, showcasing a gain of 65.52%.
Currently, Bittensor is trading at $567.12, reflecting a 90.09% rise over the preceding week.
Bittensor Leads the Pack of AI Coins
Compared to TAO, other AI cryptocurrencies have exhibited more modest increases. Bittensor’s remarkable 90% growth over the last week contrasts with Near Protocol’s [NEAR] increase of only 19.94%.
Meanwhile, the Artificial Superintelligence Alliance [FET] climbed by 28.41% and Render witnessed significant gains with a 23.2% rise. Lastly, Injective [INJ] saw a growth of 20%.
This indicates that although the AI cryptocurrency market has experienced increased adoption, the most substantial gains have been realized by TAO.
What Lies Ahead?
According to an analysis by AMBCrypto, Bittensor is currently experiencing robust upward momentum, having surged by 40.33% following an upside breakout from a wedge pattern. As such, prevailing market conditions suggest further potential gains for TAO on price charts.
Source: Coinglass
For instance, Bittensor’s futures open interest has jumped from $61.5 million to $114.06 million, indicating that investors are engaging with new positions and the cryptocurrency is attracting increased capital influx.
The recent price rally has been supported by higher trading volumes and a strong bullish outlook.
Source: Coinglass
Moreover, short position liquidations have reached an unprecedented high, with TAO short position liquidations hitting $1.45 million at the time of writing. Conversely, long position liquidations have dropped to a record low of $139k for the week.
This situation reflects a positive sentiment in the market, where those betting against Bittensor are being forced to exit their positions, while long holders display confidence in the altcoin’s future prospects.
Source: Tradingview
Is your portfolio green? Check the TAO Profit Calculator
In summary, TAO is experiencing robust upward movements amid a surge in positive market sentiment. If current market trends persist, the altcoin is set to breach the resistance level at $586.
A successful breakout from this point could propel Bittensor to $645.
