Bittensor TAO’s recovery highlights strong market interest after BitMind’s launch of deepfake-detecting Subnet.
Despite Bittensor TAO’s surge, lower trading volume suggests traders are consolidating or taking profits.
AI tokens show positive momentum as global crypto markets recover, highlighting renewed investor confidence.
Decentralized AI project Bittensor TAO has experienced a remarkable recovery, gaining 41% after suffering losses when the global crypto market saw over $1 billion in liquidations. At press time, Bittensor (TAO) surged to $254.32, reflecting a significant 31.69% increase over the last 24 hours.
The market cap also climbed by 31.78% to $1,825,976,379, ranking it at 39 among cryptocurrencies. Despite the positive trend, the 24-hour trading volume decreased by 4.25% to $131,362,459, indicating some consolidation or profit-taking among traders.
Analyzing TAO’s recent trajectory, the $190 level was briefly touched, acting as a critical support point due to the price rebounding from this level. Similarly, the $220 level has served as support during minor pullbacks, indicating a consolidation zone.
On the resistance side, the current price level of $255 represents a key barrier. If the price breaks and holds above this level, it could signal further bullish momentum. Additionally, the $240 level has been tested multiple times, acting as both resistance and support, making it a significant pivot point.
Critical Security Breach on Bittensor: $8M in TAO Stolen, Network Enters Safe Mode
The latest surge in TAO follows an announcement from decentralized AI platform Bitmind about the launch of the BitMind Subnet. This new component of the Bittensor ecosystem focuses on detecting and mitigating deepfakes.
It effectively differentiates between authentic and synthetic content, offering transparent, publicly accessible results and utilizing an open-source subnet architecture. This development has likely contributed to the recent bullish sentiment around TAO.
This one is for you #aidevelopers!
We just made a comprehensive guide teaching you how to start #mining on the BitMind subnet on RunPod.
Link: https://t.co/VNdgvtEOVv
P.S. You can also earn rewards for creating a #deepfakedetection model on @opentensor. Reach out for more info
— Bitmind (@BitMindAI) August 5, 2024
Moreover, the surge in TAO comes at a time when other AI tokens have also experienced significant gains. For instance, Render is up 15.46% in the last 24 hours, while Artificial Superintelligence Alliance has increased by 8.45%. The broader AI token market’s positive trend has coincided with a 7.36% surge in the global crypto market, standing at $1.95 trillion at the time of writing.
Bitcoin has also seen positive movement, with its price reaching $55,088.47, up 6.57% in the last 24 hours. Ethereum, another major cryptocurrency, is priced at $2,457.46, reflecting a 7.95% increase over the same period.
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