• Wed. May 29th, 2024

Bittensor (TAO) soars towards new ATH: Is $1000 next

  • Bittensor (TAO) price reached hihhs of $747 after Binance announced listing of TAO.
  • The token’s all-time high of $757 was reached in March this year.
  • A breakout above this could see Bittensor price target the $1,000 level.

Bittensor (TAO) is soaring, and is one of the top performing altcoins in the market today.

Per data from CoinGecko, the TAO token price has reached highs of $747, a 24-hour high that was just shy of the token’s all-time high of $757.60 reached on March 7, 2024.

Could price discovery mode for Bittensor see bulls target the $1,000 level? Given the catalyst for today’s upside, it’s likely further momentum could leave buyers eyeing the psychological target.

Why is Bittensor (TAO) price up today?

Bittensor (TAO) is a decentralised machine learning blockchain protocol that has soared in recent months amid the broader rally for Artificial Intelligence (AI) related tokens.

The platform, which uses the native TAO token in its rewards system, soared on Thursday after Binance, the world’s largest crypto exchange by trading volume, listed TAO.

As with other tokens to hit the global exchange over the years, Bittensor experienced a major spike in price and volume following the Binance news. Per data from CoinGecko, TAO’s 24-hour trading volume was over 400% at the time of writing, reaching $363 million.

Is TAO price poised for $1,000?

Binance’s listing, which brings more visibility and confidence to the AI-related token, could be the turning point that elevates Bittensor price even further.

Currently, the protocol leads the AI crypto market cap rankings with over $4.5 billion. Render (RNDR) and The Graph (GRT) are the two next biggest by market cap at $3.4 billion and $2.9 billion.

The AI narrative remains strong and so does the crypto one, particularly with Bitcoin expected to rip to above $100k after its halving and amid the increasing demand for spot Bitcoin ETFs.

TAO’s listing on Binance could bring the token to millions more, likely pushing prices towards the $1,000 mark.

Other than the huge volume and the potential for a new ATH for TAO against the US dollar, there’s also a big move for TAO/BTC. The pair rose as much as 28% earlier in the day.

Bittensor is trading +17% against BTC and looks set for a flip higher.

The post Bittensor (TAO) soars towards new ATH: Is $1000 next appeared first on CoinJournal.