As the crypto market gained momentum in the last few days, many cryptocurrencies have recovered, but Bittensor price is booming, making it the biggest gainer of the day. The open-source protocol is one of the most popular cryptos, sitting at the 24th spot based on its market capitalization of $4 Billion, which has grown by over 29% in the last 24 hours.
What makes it more significant is its earlier drop to a low of $223 just two weeks ago, and today, the Bittensor price is $552.85 after an 85% rally over the week and 20% in the last 24 hours. As the trading volume has increased by 57% today, it clears the rising demand for the token. Moreover, a whopping $317,318,575 were moved between crypto wallets in the last 24 hours, making it one of the most demanding cryptos.
3 Reasons Why Bittensor Price Is Up Today
The crypto market has been moving with bulls since the disclosure of the Fed’s 50bps interest rate cuts. Even the user’s sentiments have improved from fear to neutral. This improvement in the investor’s interest in placing more trades led to the surge in Bittensor price. However, that is not all, as three prominent reasons have boosted this token today.
1. Kamala Harris Endorsing Crypto
After Donald Trump’s win became clear among crypto investors with a new crypto venture and the US president’s first ever crypto transaction, Kamala Harris, the US VP, has also begun taking crypto investors seriously. She recently openly endorsed the crypto in a Wall Street fundraiser on Sept. 22.
During the fundraisers, the Democratic Presidential nominee announced how she will encourage focusing on developing innovative technologies like AI and digital assets after her win in the upcoming elections. More importantly, she emphasized developing the industry while ensuring the protection of consumers and investors.
This sudden interest of the US presidential candidates has brought immense attention to this crypto industry. And with Kamala’s focus on artificial intelligence, the popular AI tokens, including Bittensor price, have begun rising towards the top.
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 exploring BitTensor, a decentralized network for training AI models. I’m strictly looking at the tech, I’m not evaluating it as an investment.
BitTensor distributes AI training across a network of computers, whereas well-known models like ChatGPT rely on massive GPU…
— Wayne Vaughan (@WayneVaughan) September 21, 2024
Though he also cleared that he is exploring this token for technology, not investment, a possible collaboration is anticipated with this tweet, which might result in a TAO price surge in the future.
3. New Development Around Bittensor
It is not that Bittensor price began to grow just today, as the token has been on an uptrend for days, gaining 85% over the week. This surge was because of the new developments around this AI coin, including the Grayscale launching the Bittensor trust. This Bittensor trust has is already availed to accredited investors since last month, leading to continuous hype around the token, causing the TAO price upsurge.
Grayscale Bittensor Trust $TAO is currently open to eligible accredited investors looking to gain exposure to $TAO at NAV*.
Click below to learn more about $TAO or reach out to us: https://t.co/WIXNCvBw2e pic.twitter.com/zgluuBu8lF
— Grayscale (@Grayscale) August 8, 2024
Additionally, it has recently introduced a new decentralized training mechanism. This introduction is in collaboration with the AI training model and Macrocosmos and Manifold, which might have fueled the price growth.
Final Thoughts
With the bulls pushing the Bittensor price, it is at new heights, where the ATH is just 27% away. It is now at the highest peak of months after the hype around AI tokens grew, with Kamala Harris promising to encourage the development of AI and digital assets. Moreover, recent developments with Bittensor increased the demand for the TAO token, leading to higher trading activity. The CEO of Tierion, Wayne Vaughan, has also followed the hype and has been exploring the network for its technology, fueling the possibility of future collaborations.
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