Thus, in the world of cryptocurrencies, a new star has been born, which has attracted the attention of investors and fans of high technologies. The native token of the Bittensor platform, TAO, has been doing very well and it is now at the price of $376. 60 years and a 15 percent of market share respectively. 98% increase in just 24 hours. This has placed TAO among the highest gainer’s list, which has raised eyebrows on what this project is all about.
In its essence, Bittensor is a revolutionary experiment designed to build a decentralized marketplace for artificial intelligence. Through the use of blockchain, the project aims at changing how the AI models are created, distributed and sold. This new approach has resonated well with investors who have seen the possibilities of integrating AI with decentralised systems.
As mentioned earlier, the recent price increase has affected TAO’s market statistics in a big way. Bittensor now stands at 32nd among global cryptocurrencies by market capitalization of $2,779,636,696, which shows the growing power of the company in the industry. The trading volume has also gone up, TAO has been traded at $142,451,093 in the last 24 hours, a 21%. 09% increase that shows the token’s increasing demand among traders.
As for the supply distribution, it is also one of the most interesting features of TAO’s tokenomics. At the time of writing, there are 7,380,936 TAO tokens in circulation, which equates to only 35%. This means that the amount of tokens allocated to the public in the initial coin offering will be 15% of the total supply. The maximum supply of TAO is 21,000,000 and this type of approach could make the token scarce and therefore increase in price in the long run. This scarcity, along with increasing attention to blockchain-based projects focused on AI, can help explain why TAO’s price has been steadily rising.
The market capitalization of Bittensor, using the maximum supply is a remarkable $7,908,532,280. It also shows investors how the value of the project can be if all the tokens are in circulation, which proves the importance of the proposition that Bittensor offers.
With the growth of artificial intelligence, such initiatives as Bittensor are being sought after as they can bring AI to anyone and open new horizons for cooperation. The decentralized approach to the platform may prove to be more beneficial in terms of open development of AI and its faster evolution with numerous use cases.
Market players and researchers are particularly interested in TAO’s performance, as it is difficult to predict whether this hike is going to be a starting point for a longer upward trend or just an increase in short term volatility. Some have attributed this to the general rise in interest of AI-focused cryptocurrencies in general while others have identified Bittensor’s differentiation in the decentralized AI sphere.
Nevertheless, as is the case with any cryptocurrency investment, it is necessary to proceed with TAO carefully. The whole crypto market is highly unpredictable and although the recent hikes are impressive, the prices can change quickly. All people interested in investing should carry research and should consider the level of risk that is acceptable for them.
In the future, TAO and Bittensor appear to have a bright future. As more industries look into the future and see AI and blockchain technology, projects that have applied the two great innovations may be in for growth. Thus, Bittensor’s concept of a decentralized marketplace of AI could pose a threat to the conventional ways of AI development and give rise to a new paradigm of collective development.
Thus, TAO’s recent performance has brought Bittensor to the foreground, and the increased attention to AI-oriented blockchain projects. So, let it be interesting to observe how TAO and Bittensor will be dealing with the further growth of the crypto market. In conclusion, TAO is definitely one token to watch out for in the next few months regardless of whether you are an investor, a tech freak or just interested in the future of AI and blockchain.