Why Bittensor Price Is Booming Today?

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As a seasoned crypto investor with over two decades of experience in the tech industry, I must admit that the recent surge in Bittensor price has caught my attention. This AI-focused cryptocurrency has been on my radar for quite some time, but the 85% rally over the last week and the 20% increase in the past 24 hours have piqued my interest significantly.

Over the past few days, the crypto market has been surging, leading to a recovery for many digital currencies. However, it’s Bittensor that is seeing exceptional growth and standing out as the top performer of the day. This open-source protocol, currently ranked 24th in terms of market capitalization with a staggering $4 Billion valuation, has experienced an impressive surge of more than 29% over the past 24 hours.

The surge in significance stems from the fact that its price plummeted to $223 only two weeks ago, but today, Bittensor stands at $552.85 following an impressive 85% weekly rally and a further 20% increase within the last 24 hours. This substantial growth has been accompanied by a 57% surge in trading volume, suggesting growing interest in the token. Additionally, a staggering $317,318,575 worth of cryptocurrency was transferred between wallets over the past day, placing Bittensor among the most sought-after digital currencies.

Why Bittensor Price Is Booming Today?

3 Reasons Why Bittensor Price Is Up Today

The cryptocurrency market has been on an upward trend since the Federal Reserve announced a 50 basis point reduction in interest rates. Not only has this shift impacted the market, but it’s also noticeable in user sentiment, which has moved from fear to neutrality. This change in investor attitude has resulted in increased trading activity, and one token that has benefited significantly is Bittensor. Moreover, there are three key factors driving its price higher today.

1. Kamala Harris Endorsing Crypto

Following Donald Trump’s victory being evident among cryptocurrency investors and his initial cryptocurrency transaction as U.S. president, Kamala Harris, the Vice President of the United States, has started giving credence to crypto investors. Recently, she publicly endorsed cryptocurrencies at a Wall Street fundraiser on September 22nd.

At the fundraising events, the Democratic Presidential nominee shared her plans for prioritizing advancements in groundbreaking technologies such as AI and digital currencies if elected. She particularly stressed the need to foster this industry, all the while safeguarding both consumers and investors.

1) The unexpected focus of U.S. presidential contenders on cryptocurrencies has sparked significant interest in this sector. Moreover, since Kamala Harris has emphasized her interest in artificial intelligence, the value of prominent AI-related tokens like Bittensor is gradually climbing higher.

2. Wayne Vaughan Inclines Towards Bittensor

Wayne Vaughan, the co-founder and CEO of Tierion, has shown a new interest in this AI model trainer, Bittensor, causing the TAO price to rise. Vaughan has also been part of the crypto industry for a long, so he has a strong influence among crypto enthusiasts. And as he mentioned Bittensor in his recent X post, the demand for the token began to grow.

I’m delving into BitTensor, a peer-to-peer system designed for educating artificial intelligence. However, my focus is solely on its technical aspects, and I’m not considering it from an investment perspective.

Instead of relying on a single powerful GPU for AI training like popular models such as ChatGPT do, BitTensor spreads the training process across multiple computers in a network.

— Wayne Vaughan (@WayneVaughan) September 21, 2024

As I delve deeper into the examination of this specific token within the tech realm, rather than any investment context, there’s an intriguing prospect of potential collaboration hinted at through this tweet. This could potentially spark a significant rise in the value of TAO tokens down the line.

3. New Development Around Bittensor

The growth in Bittensor’s price didn’t start today alone; it’s part of a multi-day upward trend. In fact, over the past week, its value has increased by 85%. This rise is primarily due to recent advancements surrounding this AI coin, such as the launch of the Grayscale Bittensor trust. This trust, accessible to accredited investors since last month, has fueled ongoing excitement about the token, contributing to the price spike in TAO.

At the moment, Grayscale’s Bittensor Trust (symbolized by $TAO) is welcoming eligible accredited investors who wish to invest in $TAO at its Net Asset Value (NAV).
Click below to learn more about $TAO or reach out to us:
— Grayscale (@Grayscale) August 8, 2024

Moreover, they’ve recently unveiled a novel, decentralized approach for model training. This innovation partners with the AI training model and both Macrocosmos and Manifold. The cooperation might be playing a part in the recent surge in prices.

Final Thoughts

The price of Bittensor is soaring to unprecedented levels, nearing its all-time high by 27%. This surge comes after a wave of excitement surrounding AI tokens, with Vice President Kamala Harris expressing support for AI and digital asset development. Furthermore, recent advancements in Bittensor have stimulated interest in the TAO token, resulting in increased trading activity. Additionally, Tierion’s CEO, Wayne Vaughan, is showing interest in the network, potentially paving the way for future partnerships.

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2024-09-23 15:24