TAO Cracks $500 Mark, Hits All-Time High On 13% Rally

Bittensor TAO/USD hit a new all-time high at $516 and is up 13% on the day. Analysts remain bullish on Bittensor's performance and anticipate it flipping Shiba Inu SHIB/USD and Cardano ADA/USD.

What Happened: Bittensor is trading at around $500 at the time of writing. Its valuation increased 113% over the last 30 days to a market capitalization of over $3 billion, making it the 27th most valuable cryptocurrency.

Data from Cryptoslate shows the market capitalization of Artificial Intelligence (AI) tokens has surged to $7.41 billion, a substantial increase from $6.08 billion just two weeks ago. 

Vitalik Buterin also acknowledged Bittensor as a blockchain AI solution, stating, “using crypto incentives to incentivize making better AI.”

Some market analysts attribute Bittensor gains to the anticipation surrounding Nvidia's earnings, scheduled for Feb. 21, 2024. Nvidia specializes in manufacturing Graphical Processing Units (GPU), a crucial component for the AI sector.

Also Read: Is TAO The 'Dogecoin Killer'? Grayscale Tweets 'Signs Of Adoption' While One Trader Says He's 'Not Selling' Until TAO Flips 'The Dog Coin'

Why It Matters: Crypto trader Siamkidd believes it would be unwise not to allocate to Bittensor at the moment.

He reveals 80% of his portfolio is invested in Bittensor and he does not plan on “properly taking profits until it AT LEAST matches the Cardano market cap high.” He also notes Cardano’s significant market cap achievement without smart contracts or an ecosystem and considers Bittensor the Bitcoin and Ethereum of AI decentralized applications.

Mark Jeffrey, a Harper Collins author and Bitcoin trader, tweets, “$TAO is on absolute fire. Yet, in my opinion, it is still extremely undervalued.”

Dread Bongo regards Bittensor as a Top 30 project and views the rally as a beautiful, organic ascension.  

While one crypto trader speculates, “Will we flip SHIB soon” another predicts “TAO will flip ADA this cycle.” The analyst sees AI as the primary narrative of the cycle, with Bittensor currently facing no competition.

What’s Next: Bittensor has previously been endorsed by Grayscale and tipped as a "Dogecoin DOGE/USD killer."

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