With the price of Bitcoin rising above $42,000 last week, the performance of altcoins increased noticeably. However, the decrease in interest in Bitcoin on social media has turned investors’ attention to alternative cryptocurrencies such as Bittensor (TAO), Solana (SOL), and Helium (HNT). TAO coin in particular comes to the fore with the doping of Vitalik Buterin, the founder of Ethereum.
Interest in Bitcoin on social media is decreasing
Bitcoin’s share volume on social media has shrunk by more than 10% in the last seven days. According to Santiment’s data, while interest in Bitcoin decreased, interest in alternative cryptocurrencies increased. Despite the rise in Bitcoin price, the decrease in shares on social media caused investors to turn their attention to other cryptocurrencies. Bittensor (TAO), Solana (SOL), and Helium (HNT) trio stand out among the altcoins that attract the attention of investors. According to CoinGecko data, SOL gained 14%, HNT gained 32% and TAO gained 51% in the weekly period.
TAO Coin received support from Vitalik Buterin
Bittensor (TAO), which stands out among altcoins, attracts attention in the category of artificial intelligence-themed projects. The rise among projects in the field of artificial intelligence particularly affected Bittensor’s performance. Vitalik Buterin’s praise for Bittensor in his last blog post was effective in TAO gaining value. The founder of Ethereum stated that Bittensor can be used to promote better projects in the field of artificial intelligence.
The new project announced by Nous Research regarding Bittensor and the $25 million investment by OSS Capital in the Bittensor ecosystem may further increase TAO’s potential in the coming period. These dynamic changes in the cryptocurrency market direct investors to follow various projects closely. Altcoins, especially projects like Bittensor (TAO), are expected to continue to play an important role in the cryptocurrency market.
What is the latest situation in TAO price?
Bittensor is currently trading around $447, up 23.5% in the last 24 hours. It increased 53% week over week and 378% year over year. The significant increase in trading volumes, which increased by 351.5% in the last 24 hours, reflects the significant interest of investors in the token. Last week, Grayscale further added to the positive sentiment by noticing “signs of adoption” for several AI-related cryptocurrencies. A user on X noted that TAO, which is not listed on a single Tier 1 exchange, is in the top 40. He also said, “Imagine what will happen when the market truly opens up to Bittensor. #AI’s $ETH is just getting started.” said.
“Shitcoin maxi” trader Eric Cryptoman also tweeted. He said about TAO, “It will be in the top 10, the important thing is not if it will be in it, but when it will be in it.” Crypto technical analyst Parabolic Pump is targeting $10,000 per TAO and highlights several bullish arguments for the token:
- The candlestick pattern on TAO indicates an “extremely bullish signal”.
- A technical pattern shows a descending channel (uptrend pattern) where a breakout may occur soon.
- High trading volume, bullish trend and recovery of key horizontal levels.
- TAO is seen as a benchmark for the potential success of AI-related cryptocurrencies.
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