2 Reasons Why Bittensor (TAO) Soared by Over 50% in the Last 14 Days

TAO’s Impressive Rally

Bittensor (TAO) has been among the top-performing cryptocurrencies lately, with its price surging by more than 50% in the last two weeks. Its market capitalization briefly crossed $4 billion, while currently, it stands at around $3.9 billion (per CoinGecko’s data). This makes TAO the 37th-biggest digital asset, outpacing well-known altcoins such as Aptos (APT), Kaspa (KAS), Cronos (CRO), Filecoin (FIL), and others.

TAO Price, Source: CoinGecko

The price pump could be attributed to two main factors. First, it’s Coinbase’s decision to list TAO on its iOS and Android applications, allowing users to buy, sell, convert, or transfer the token. This support from such a major exchange usually has a positive effect on the involved asset since it leads to increased liquidity, more accessibility, and potential hype among investors.

Last month, Coinbase added the meme coin Toshi (TOSHI) to its roadmap, which was followed by a triple-digit price increase for the token.

The second element that could have contributed to TAO’s rally is the overall resurgence of AI-related cryptocurrencies. According to CoinGecko, the niche currently has a total market capitalization of over $32 billion, with NEAR Protocol (NEAR), Internet Computer (ICP), Render (RENDER), Artificial Superintelligence Alliance (FET), and many more charting substantial gains.

TAO Price Targets

Some market observers believe the asset’s bull run is far from being over. The X user Kings Charts noted the recent surge, expecting the formation of an “Inverse Head and Shoulder.” They envisioned a potential pump to $600 and even a new all-time high, calling a possible plunge to $375 or $350 a “good buy zone.”

Michael van de Poppe chipped in, saying that TAO is part of his personal portfolio. The analyst remains bullish on it, although suggesting that consolidation or a small dip is an option:

“However, I think we’ll consolidate some here, maybe test low $400s, and then continue to rally again.
Those dips of 10-20% I see as opportunities.”

Conclusion

In conclusion, TAO’s impressive rally is a testament to the power of market forces and the potential for cryptocurrencies to surprise and delight. As we move forward, it will be essential to keep a close eye on market trends and developments to stay ahead of the curve.

FAQs

Q: What is Bittensor (TAO)?

A: Bittensor is a decentralized, open-source, and community-driven cryptocurrency.

Q: What is the current market capitalization of TAO?

A: The current market capitalization of TAO stands at around $3.9 billion (per CoinGecko’s data).

Q: What is the significance of Coinbase’s listing of TAO?

A: The listing of TAO on Coinbase’s iOS and Android applications provides increased liquidity, more accessibility, and potential hype among investors, which can have a positive effect on the involved asset.