With a remarkable 31% price rise, the distributed artificial intelligence coin Bittensor (TAO) ranked highest among the top 100 cryptocurrencies this week. With its price rising 8.87% in the past 24 hours to $313.59, TAO ranks 41st by market capitalization as of the most recent figures, at over $2.51 billion.
The price increase of Bittensor is directly correlated with the current stock movement of Nvidia Corp. According to MarketWatch, Nvidia’s shares rose 13.5% and closed on September 13 at $119.08, therefore driving its market valuation to $2.92 trillion.
According to CoinGecko, Nvidia’s notable year-to-date increase of 140.5% has had an encouraging knock-on effect on AI-oriented cryptocurrencies, raising the entire AI crypto market cap by 0.8% in the last 24 hours to reach $23.9 billion.
Bittensor Mirrors Nvidia’s Rise
Historically, artificial intelligence tokens, including Bittensor, have matched the stock performance of Nvidia. For example, artificial intelligence tokens such as Artificial Superintelligence Alliance and Rendering (RNDR) suffered double-digit losses when Nvidia’s price dropped by 9.5%.
September 4 Analogous to Nvidia’s impressive Q4 2023 performance, these tokens gathered support; the buzz has persisted ahead of its Q2 2024 outcomes.
Supported by longer green bars on the histogram, technical study of TAO’s September 14 price chart shows a positive trend with the Moving Average Convergence Divergence (MACD) crossing above its signal line.
Currently at 59, the Relative Strength Index (RSI) indicates that the asset is in a healthy trading zone, well below overbought levels, which suggests more possible increases free from the risk of an immediate downturn.
Market analysts on X have also expressed such hope. Analyst Marco Polo noted that TAO is trading between $268 and $357 and projected a strong rise should it surpass $357.
Analyst Ramon noted a greater resistance level close to $400 and projected TAO’s price could climb to between $3,000 and $5,000 depending on changes in liquidity from Bitcoin and the strength of the AI narrative supported by events like Apple’s recent announcement of generative AI at its iPhone 16 event.
