Bittensor (TAO) Rallies 108% in September, Outperforming Top Cryptocurrencies

Bittensor, a fast-growing artificial intelligence token, was the second best-performing top 100 cryptocurrency in September after Sui.

After a stellar August, cryptocurrency prices continued their ascent in September, with some digital tokens notching triple-digit gains.

Among the top 100 cryptocurrencies, fast-growing artificial intelligence token Bittensor (TAO) was the second best performer after Sui (SUI), a popular Solana (SOL) rival.

TAO jumped by 108% in September, while SUI rose by 115% during the month.

Bittensor’s rally coincided with the rebound of some of the most popular AI assets, such as Nvidia (NVDA), C3.ai (AI), Alibaba (BABA), and Palantir (PLTR).

It also followed some major developments in the AI industry.

Alibaba announced that it will launch over 100 new open-source AI models as it aims to become a major player in the AI industry.

OpenAI’s surging valuation also made headlines, rising from $100 billion on Aug. 30 to $150 billion by Sep. 14.

The company, which operates ChatGPT, has become one of the most valuable in the AI industry, and AI coins, like Bittensor, tend to perform well when the industry is thriving.

Demand for Bittensor in the futures market also surged, reaching a record high of $172 million on Sep. 30, up from a low of $46 million in September.

Soaring open interest is a sign of increasing demand among traders and investors.

On-chain data also showed that the Bittensor network is growing, with the number of active accounts rising to over 127,000 and the amount staked hitting 5.9 million.

Some analysts are bullish on the further upside of Bittensor’s token.

In an X post, an analyst predicted it will jump to $1,000, citing its strong technicals.

Another user highlighted the upcoming launch of BIT001, which will enable subnets on Bittensor to create their own independent tokens.

TAO’s triple-bottom breakout leads to a golden cross

The TAO price began to rally after forming a triple-bottom at $217 and moving above its neckline at $365, its highest point on July 26 and Aug. 27.

It also formed a golden cross pattern as the 200-day and 50-day moving averages crossed each other.

TAO was approaching the 23.6% retracement point on Sep. 30 and attempting to cross the psychological level at $600.

A break above that level could indicate further gains to $777, its highest point this year, which is 30% above the current level.