Throughout the year, digital assets related to artificial intelligence (AI) have witnessed remarkable growth. This expansion was largely fueled by the growing acceptance and utilization of AI technology.
Amidst the prevailing positive market environment, Bittensor [TAO] has emerged as a frontrunner in this sector. Over the last twelve months, TAO has recorded an impressive price appreciation of 1020.9%. Notably, September proved to be particularly rewarding for TAO, with the AI coin experiencing a surge of 65.52%.
Currently, Bittensor is being traded at $567.12, marking a substantial increase of 90.09% over the previous week.
Bittensor Leads the Pack Among AI Coins
When compared to other AI-focused cryptocurrencies, TAO has significantly outperformed its peers. While Bittensor demonstrated a remarkable 90% surge in its weekly performance, Near Protocol [NEAR] saw a more modest increase of 19.94%.
In a similar vein, the Artificial Superintelligence Alliance [FET] witnessed a rise of 28.41%, Render observed considerable gains with a growth of 23.2%, and Injective [INJ] also saw an increase of 20%.
These trends indicate that despite the overall increase in adoption of AI coins, Bittensor managed to secure the highest gains during this period.
What Lies Ahead?
According to analysis by CryptoCrypto, Bittensor is currently riding a strong upward trend. Following a breakout that pushed the price up by 40.33%, the existing market conditions seem to be favoring further appreciation of TAO’s value on the price charts.
Moreover, the futures open interest for Bittensor surged from $61.5 million to $114.06 million, signifying a growing interest from investors and suggesting that the cryptocurrency is attracting more capital inflows.
The recent price surge was accompanied by bullish signals and an optimistic market sentiment.
Furthermore, the liquidation of short positions for TAO reached a yearly high of $1.45 million, indicating a strong bullish sentiment prevailing in the market. Conversely, liquidation of long positions during the past week hit a record low of $139k.
This shift highlights a positive market outlook as bearish traders are being compelled to exit their positions, while holders of long positions showcase confidence in the potential future price movements of the altcoin.
In essence, TAO is currently experiencing robust upward momentum amid a positive market sentiment. Therefore, if the current market conditions persist, the altcoin is poised to surpass the $586 resistance level.
A successful breakout beyond this level could propel Bittensor towards the $645 mark.