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Cryptocurrency News Articles
Bittensor (TAO) Rallies Past $600, Signaling Optimism Ahead of Uptober Event
Sep 30, 2024 at 09:51 pm
Bittensor (TAO) rallied past $600 this Monday, fueling optimism in the cryptocurrency ahead of the much-anticipated Uptober event.
Cryptocurrency Bittensor (TAO) enjoyed a surge in value on Monday, reaching past the $600 mark amid anticipation for the upcoming "Uptober" event in the crypto world.
Over the past 24 hours, the AI-related token experienced a significant rise, moving from a low of $531.70 to a high of $608.41. This translates to an impressive upside volatility of over 14% for the digital asset.
As of 1:00 PM (UTC), Bittensor managed to lock in a one-day gain of 12% as it traded within the $598 range. Throughout the period, the token also witnessed a substantial increase in its trading volume, to the tune of 128%. This indicates that over $255.54 million of TAO's supply was transferred across crypto wallet addresses, highlighting a spike in investor interest toward the token.
At the current market price, Bittensor's fully diluted market cap stood at $12.55 billion, taking into account its maximum token supply of 21 million, which mirrors that of Bitcoin (BTC). However, considering the 7.38 million TAO currently in circulation, its market cap was valued at $4.41 billion.
The token's price remained approximately 22% below its all-time high of $767.68, which was achieved six months ago. It remains to be seen whether the bullish sentiment will be strong enough to propel Bittensor to new heights.
The Reason for the Price Action
Bittensor has garnered attention for its unique characteristics, which have led to comparisons with Bitcoin. Notably, its Proof-of-Intelligence protocol combines elements from both Proof-of-Work (PoW) and Proof-of-Stake (PoS) models.
Furthermore, its deflationary nature is ensured by a halving process that occurs every four years, much like BTC. With these similarities in mind, it tends to benefit from positive movements in Bitcoin's price.
In this case, Bitcoin had just touched the $66K range again, which may have helped reinforce TAO's value.
Renowned crypto investor Jeff Sekinger also noticed an interesting pattern playing out that most likely contributed to the bump in Bittensor's price. According to the crypto veteran, “TAO has just begun its major move.”
Sekinger observed that every time TAO entered the overbought stage at the three-day relative strength index (RSI) chart, it had the tendency to continue climbing by triple digits.
He recalled that when he discovered the trend, TAO went up by 382% as the three-day RSI struck above 70. A 115% surge followed when the same condition played out the second time around.
It remained to be seen whether or not this would continue at this point's current reading.
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