|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bittensor (TAO) Outpaces Other AI Coins as Crypto Market Swings Upward
Oct 30, 2024 at 12:00 pm
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Avalanche (AVAX) and Solana (SOL) Gear Up for New Market Cap Highs, But Is Minotaurus (MTAUR) a Hidden Gem in This Rally?
- Oct 30, 2024 at 04:15 pm
- As Avalanche (AVAX) gains momentum and Solana (SOL) benefits from Bitcoin's record surge, there are questions about what happens to these coins if their market caps reach higher levels. Let's explore what this could mean for their prices.
-
- RCO Finance (RCOF) Token Set to Make New Crypto Millionaires in 2025, Unlike Meme Coins PEPE (PEPE) and Bonk (BONK)
- Oct 30, 2024 at 04:15 pm
- Pepe (PEPE) and Bonk (BONK) made waves in 2024 with massive gains, but the RCO Finance (RCOF) token is set to go further. It aims to create new crypto millionaires in 2025.
-
- Shiba Inu Decouples from Bitcoin, Showing Independent Price Movements Despite Market Volatility
- Oct 30, 2024 at 04:15 pm
- This development comes as the cryptocurrency market, including Bitcoin and other altcoins, has experienced fluctuations, with October falling short of its traditionally bullish expectations.
-
- Japan's Mass Recruitment of New Graduates System Is Reaching a Turning Point
- Oct 30, 2024 at 02:15 pm
- In Japan, there is a unique system called "mass recruitment of new graduates." Companies recruit prospective graduates during the same period each year and interview and test them while they are still in school. Then, they hire a certain number of students and have them work immediately after graduation.