Continuously shifting in the digital world, a new star has been born and all the investors as well as tech lovers around the world are eager to know about it. Currently, the Bittensor token TAO has been on a tear and is priced at $376. 60 and with an impressive 15. An increase of 98 percent in the space of just 24 hours. This surge has placed TAO on the lips of everyone in the cryptosphere making it one of the most-discussed topics in the crypto space today.
But what is the reason for this new found popularity of the TAO? In its essence, Bittensor is an innovative venture, the goal of which is to establish a decentralized marketplace for AI. Using blockchain technology, the platform aims at redesigning the process of creating, distributing, and selling AI models. It has resonated with investors as this idea of combining the strength of artificial intelligence with the decentralised blockchain technology has a lot of potential.
The recent price increase has affected TAO’s market indicators in a big way. In terms of market capitalization, Bittensor has risen to 32nd among global cryptocurrencies with a capitalization of $2,779,636,696 proving the growing power of the company in the sector. The trading volume has also surged higher with $142,451,093 worth of TAO traded within the last one day – a 21%. 09% increase that proves that the token has become more popular among traders in recent time.
Among the most interesting measures of TAO’s recent performance, volume to market cap ratio is currently at 5. 12%. This metric is useful in understanding the liquidity of the token and the volumes of trading activities that it has in comparison to its total market capitalization. A higher ratio usually means higher interest and possible fluctuation of price which will be suitable for a short-term trader as well as a long-term investor for TAO.
The following also deserves a look at the tokenomics of TAO. At the time of writing this paper, there are 7,380,936 TAO tokens in circulation, which is 35%. It should cover 15 percent of the total supply. This is because the supply of TAO is limited and is capped at 21,000,000 with the view of making it a scarce token that can increase in value as demand increases in the future. This scarcity in supply may further coupled with the increasing attention towards the AI-focused blockchain projects and result in the continuation of TAO’s price hike.
As the world shifts towards AI, such projects like Bittensor are getting more attention for the prospects of making AI applications more accessible for everyone and opening new possibilities for cooperation. The decentralized structure of the platform can contribute to the more open and transparent development of AI that can result in the faster development and adoption of new solutions in different industries.
This is particularly true to investors and analysts who are keen on determining if TAO is making a long-term change in its performance or just a short flash. Some of them can be attributed to the general increase in the popularity of AI-centered cryptocurrencies in general, while others can be attributed to Bittensor’s specific proposition in the context of decentralized AI.
Nevertheless, it is always advisable to be wary of any investment in cryptocurrencies including TAO. The market of cryptocurrencies is highly unstable, and although the recent growth looks rather significant, the rates can change quickly. The potential investors should first research the companies they want to invest in and secondly they should also analyze their ability to handle risks before they invest in any company.
As for the further TAO and Bittensor outlook, it seems to be rather promising. Since more industries have realized the benefits of AI and blockchain technology, perhaps, there are high chances for projects that will incorporate these two innovative technologies to thrive. This is because Bittensor’s aim of establishing a decentralized marketplace for AI has the potential of disrupting the more conventional approaches towards AI development and usher in a new age of collective development.
The crypto community is elated by its performance especially TAO and many are asking what could be the cause of the run. Some refer to the fact that there is growing interest in the possibilities that AI provides in different fields, and others see the fact that Bittensor is a decentralized machine learning platform as a major advantage in the abundance of crypto projects.
So, it is possible to conclude that the further performance of TAO depends on the constant development of the project and its popularity among users. Will it continue its pace and cement its position among the leading crypto platforms of the future or will it struggle as the market changes? As always, only time will tell, however, TAO is still one of the most promising tokens to be observed in the area of cryptocurrencies.
In conclusion, the recent increase in TAO awareness has placed Bittensor in the limelight; proving that there has been an upsurge in the demand of AI inclined blockchain projects. With the growth of the crypto market, it will be quite interesting to observe how this TAO and Bittensor perform in the future. Whether you are an investor, a futuristic tech-savvy person or someone who is interested to know the prospects of AI and blockchain, TAO is definitely a token to watch out for in the coming months.