Decentralized blockchain network Bittensor and its native token TAO have shown significant upward momentum over the past month, consistently outperforming major cryptocurrencies such as Bitcoin and Ethereum across all time frames. Designed for decentralized finance (DeFi) applications, TAO has surpassed the $400 mark, posting gains of nearly 45% in the last month alone and an impressive 695% year-to-date. TAO is well-positioned to capture a significant share of the AI market.
The key behind Bittensor price increase
Technical analyst Altcoin Miyagi commented on the recent price action, noting that Bittensor has quickly broken out of the liquidity zone and is approaching the key $450 target. He expects a brief correction and some volatility before the price continues its rise towards $600.
Miyagi also highlighted the upcoming "artificial intelligence (AI) season," which he believes will increase investor interest in TAO interest and drive further price appreciation. This optimism is rooted in Bittensor’s goal of developing decentralized artificial intelligence products.
According to Bittensor’s official website, TAO is a decentralized currency that powers artificial intelligence production within the subnet. These interconnected subnetworks facilitate profitable interactions, allowing different AI entities to share and enhance each other's capabilities.
Analyst Dread Bongo supports this optimistic outlook, highlighting the transformative impact of AI on various industries and noting that the pace of change is accelerating rapidly.
The analyst cited innovations from AI startups and established companies, including asset managers and cryptocurrency exchanges. Fund (ETF) issuer BlackRock and Microsoft recently launched a record $30 billion fund aimed at strengthening artificial intelligence infrastructure.
Bongo believes that the AI industry, currently ranked 30th on CoinGecko, is severely undervalued and poised for growth. He predicts that artificial intelligence in cryptocurrency may rival existing categories such as layer-1 protocols, smart contracts, and stablecoins.
In this context, Bongo believes that TAO is well-positioned to capture a significant share of the artificial intelligence market, setting the stage for the potentially huge future Gains lay the foundation.
Analyst Eyes TAO $1,000 Target
TAO is currently trading at $415, rising over the past 7 days up more than 43%, and rose 10% in the past 24 hours. Despite this performance, the coin remains approximately 45% below its all-time high in April.
Market analyst Crypto Pirates noted that TAO recently broke out of the 100-day consolidation period following a recent correction. After reaching its peak, the coin experienced a significant decline, losing over 80% of its value and plummeting to $163 during the broader market crash on August 5.
However, according to Crypto Pirates, this sustained breakout could signal the beginning of a significant rise for the TAO token. Adding to the bullish sentiment, analyst EyeofCyber expressed confidence that TAO will hit the $1,000 milestone as early as next week. He emphasized that Bittensor is at the forefront of decentralized training and stated that “everyone wants TAO dollars.”
Despite this optimism, market behavior often includes corrections following strong price increases. A pullback is likely to occur in the coming days, so TAO holding lower support is crucial to sustain the current bullish trend and achieve further price gains.
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