Bittensor (TAO) Outpaces Other AI Coins as Crypto Market Swings Upward

The crypto market has seen a strong upswing with Bitcoin [BTC] reaching $71,500, at press time. This upswing has positively impacted most altcoins.

Bitcoin’s [BTC] recent rally has had a positive impact on the crypto market. At press time, BTC was trading at $71,500.

This upswing has also benefited altcoins. One altcoin that has seen significant gains is Bittensor [TAO]. According to data from CoinGecko, TAO was trading at $544, up by 7.12%.

TAO’s trading volume also surged by 104.58% to reach $211 million in a day. This outperformed most AI-themed altcoins.

TAO outpaces other AI coins

notably, over the past day, while TAO climbed over 7%, other AI coins saw more moderate gains. For instance, Injective [INJ] increased by 6.53%, and Near Protocol [NEAR] hiked by 5.84%.

Other coins, such as Artificial Superintelligence Alliance [FET], rose by 5.49%, and Internet Computer [ICP] gained by 3.52%.

This upswing highlighted increased investor preference for AI-themed coins, with TAO seeing a heightened interest.

What it means for TAO’s price charts

An analysis by AMBCrypto showed that TAO was beginning to gather upward momentum.

In this light, the current market conditions could pave the way for more gains on price charts for the altcoin.

For instance, Bittensor’s Long/Short Ratio, as depicted by Binance, showed that traders opening long positions were leading the market.

At press time, longs accounted for 50.96% while shorts were at 49%. This put the Long/Short Ratio at 1.039, suggesting that most investors were bullish and anticipating the prices to rise.

This demand for long positions was further supported by a positive funding rate aggregated by the exchange.

This metric has remained positive over the past week, indicating that traders opening long positions were willing to pay a premium fee during downturns to maintain their positions. Such behavior signaled bullish sentiment.

Finally, TAO was also seeing upward momentum, as depicted by the Relative Strength Index (RSI) that surged from 45 to 50 at press time, indicating increasing buying pressure.

Read Bittensor’s [TAO] Price Prediction 2024–2025

In conclusion, the altcoin was positioned well for more gains, given the positive sentiment and investor preference.

Should this hold, the altcoin will attempt to reclaim the $584 resistance level.

Conversely, if this price increase was mainly driven by speculation, TAO might face rejection and correct down to the $463 support level.