Bittensor (TAO) Emerged as One of the Best Performers in the 24-Hour Chart as Well as in the Long-Term Scale

Thanks to its strong community support and nonstop developments in its ecosystem, the future certainly looks bright for its network and token.

Bittensor (TAO) has been putting up an impressive performance in both the 24-hour and long-term charts. Thanks to its strong community support and continuous developments within its ecosystem, the future certainly looks bright for its network and token.

Bittensor (TAO) In the Past 24 Hours

Over the past 24 hours, Bittensor (TAO) soared from a low of $289.14 to a high of $334.65, reflecting an impressive price increase of over 15%. At 5:00 AM UTC, the token price settled within the $323 range—locking in around 12% of its gains within the day.

Along the way, the digital asset experienced a 64% spike in its trading volume as $118.25 million worth of TAO moved between DeFi wallet addresses. Its latest price performance also brought the market capitalization of its 7.38 million token supply to 2.397 billion.

On the wider timeframes, Bittensor’s native token has been able to impressively accumulate gains of around 16% in both a week and a month. Meanwhile, it has grown in value by 487% within a year.

Despite its massive recovery, TAO still remains 57% below its all-time high (ATH) which was recorded five months ago at a price of $767.68.

What Drove The Prices?

It’s worth noting that investors are currently exhibiting caution in response to the US Federal Reserve’s expected announcement regarding the outcome of the ongoing Federal Open Market Committee (FOMC) meeting. The consensus is bracing itself for what the anticipated interest rate adjustment—likely a cut by at least 25 basis points (bps)—could bring to the equity and crypto markets.

The majority’s cautious sentiment is evident in Alternative’s multifactorial Crypto Fear & Greed Index’s 45-point score on the scale within the “Fear” territory. However, Bittensor’s gains only show its resiliency and adaptability against market uncertainty. It also displays how its strong community support strengthens its foundations.

Bitcoin (BTC) On Steroids

Recently, pseudonymous analyst on X, “The Smart Ape,” compared TAO with Bitcoin (BTC). The crypto personality claimed, “TAO is like BTC on steroids” after reading its whitepaper.

$TAO is like $BTC on steroids!Spent my weekend diving into the whitepaper and found some mind-blowing stuff!Four-digit is just a matter of time, here’s the breakdown of what you need to know ?? pic.twitter.com/UtKMaqD0EM

Like Bitcoin, Bittensor integrated a Proof-of-Work model in its blockchain. On the other hand, it also adopted a Proof-of-Stake (PoS) consensus mechanism.

The combination of the two paved the way for its Proof-of-Intelligence infrastructure. Instead of solving complex mathematical problems in its cryptography, it lets the nodes perform machine-learning tasks to demonstrate their intelligence. The chain creates the new blocks and gives token rewards based on the more accurate and valuable output the node generated.

Other than that, TAO has a token cap of 21 million, which is similar to that of BTC. Furthermore, it employs a similar deflationary mechanism in the form of halving every four years.

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