Bittensor (TAO) has been leading the charge in the artificial intelligence (AI) token sector, with an impressive 164% surge over the past 30 days. Trading at $637 on October 7, TAO has risen 16% in the last 24 hours and remains 7.5% higher than its price just a week ago. This rally has drawn considerable attention, positioning Bittensor as a significant player in the AI-themed cryptocurrency space.
Ko TAOâs recovery, which began on September 7, has seen it rise by a staggering 207%, moving from a low of $220 to a six-month high of $678 on October 7âjust 13% short of its all-time high of $767 achieved in April. Accompanying this price surge is a dramatic increase in trading volume, up 286% between September and October, indicating heightened interest from traders. Market capitalization has similarly surged, rising from $1.7 billion to $4.7 billion, securing TAOâs position as the second-largest AI token by market cap.
Grayscaleâs Decentralized AI Fund Fuels TAOâs Rally
A key driver behind TAOâs remarkable price surge is its growing importance within Grayscaleâs Decentralized AI Fund. Launched in July, this investment product aims to derive value from the tokens of decentralized AI protocols, including Bittensorâs TAO. Recently, Grayscale significantly increased TAOâs allocation in the fund, from 2.6% in July to 29.5% by early October, overtaking NEAR Protocol in the portfolioâs distribution. This major shift in allocation has played a crucial role in boosting TAOâs breakout momentum.
AI Tokens Rally Alongside Bittensor
Bittensor is not the only AI-themed token benefiting from renewed investor interest in the sector. Other tokens, including Near Protocol (NEAR), Internet Computer (ICP), and The Graph (GRT), have also experienced notable gains in the past month, with NEAR up 42%, ICP rising 17%, and GRT gaining 28%. Additionally, Fetch.ai (FET) saw a 42% increase as it joined the Artificial Superintelligence (ASI) Alliance alongside other prominent AI projects.
The surge in AI token prices has been accompanied by a 48.7% increase in the total market capitalization of AI and big data crypto projects, now standing at $36.9 billion. This reflects a growing investor confidence in the AI sector, with TAO leading the charge as interest in decentralized AI solutions continues to expand.
As AI tokens continue to outperform the broader crypto market, Bittensorâs rise showcases the potential for significant growth in the space, with many investors now eyeing further upward momentum.
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