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The price of Bittensor (TAO) has been a top performer in the crypto market this week.
On Sept. 17, the TAO reached a weekly all-time low (ATL) of $284.01. However, by Sept. 22, the price skyrocketed to a weekly all-time high (ATH) of $472.13. As of now, the coin has slightly dropped to $458.
The Bittensor price history for the past 7 days | Source: CoinGecko
What’s Happening with Bittensor and Other AI Coins?
The Bittensor is one of the leading artificial intelligence (AI) tokens, ranking 4th by market capitalization with $3.4 billion.
Interestingly, the Bittensor is among the few AI tokens to have seen such impressive gains in the past week. The NEAR Protocol (NEAR), the largest AI token by market cap, valued at $4.9 billion, saw its price increase by only 6.4% during the same period, according to CoinGecko.
Another noteworthy AI coin is Artificial Superintelligence Alliance (FET), formerly known as Fetch.ai. The FET ranks second in market cap among AI tokens and has gained 12.5% this week. Over the past month, however, the FET has shown a solid performance with a 50.4% increase.
The AI Coins ranking by market capitalization | Source: CoinGecko
Why Is Bittensor Rising?
The AI crypto projects are still in their early stages, with significant potential for future success. While AI technology isn’t yet as widely adopted as platforms like Solana (SOL) in decentralized finance (DeFi), it continues to draw attention from the crypto community.
One factor driving Bittensor’s recent price surge could be the launch of Grayscale Bittensor Trust, which has been available to accredited investors since Aug. 8.
Grayscale Bittensor Trust $TAO is currently open to eligible accredited investors looking to gain exposure to $TAO at NAV*.
Click below to learn more about $TAO or reach out to us: https://t.co/WIXNCvBw2e pic.twitter.com/zgluuBu8lF
— Grayscale (@Grayscale) August 8, 2024
Additionally, on Sept. 21, the Bittensor introduced a new decentralized training mechanism in collaboration with Macrocosmos and Manifold, which may have further fueled the price growth.
AI History is being made
Distributed Training on Bittensor
Made possible with @MacrocosmosAI + @manifoldlabs + @const_reborn pic.twitter.com/ruV4eylLaa
— Openτensor Foundaτion (@opentensor) September 21, 2024
