AI and crypto continue to find success and adoption.
Spilling over from massive gains of last year, especially after Nvidia’s unexpected explosion, crypto and AI tokens have been on a tear.
The latest data from Coingecko shows that the crypto and AI industry now manages over $5 billion worth of assets.
Among the most successful crypto AI tokens is TAO.
Bittensor Explodes By 250% In 2 Months
Now, after yesterday’s gains, it is also emerging that TAO, the native token of Bittensor, is one of the top-performing coins in the top 30.
TAO is up 90% in the past week but stable over the last day alone.
The result: Interest from across the board and soaring engagement.
Over the last 24 hours, over $251 million of TAO tokens have been traded across multiple exchanges, mainly Binance.
Looking at the daily chart, TAO is up nearly 250% from August lows.
After the token sunk to $164 in early August, bulls flew back, lifting it to spot rates.
Currently, TAO is within a bullish breakout formation and the uptrend momentum is strong.
Already, bull bars are banding along the upper BB, meaning the underlying momentum is strong, and volatility is equally rising.
TAO’s exemplary performance is attributed to two developments:
First is the endorsement of crypto and AI by Kamala Harris.
Second, developments within the Bittensor ecosystem.
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Kamala Harris Endorses AI and Crypto
Speaking during a fundraising event in New York on September 22, Harris, who is looking to take over from Joseph Biden, promised to support and encourage innovation in crypto and AI.
In her view, she added that her administration would “invest in America’s competitiveness, to invest in America’s future.”
While this will be her objective, Harris will also look to strike a delicate balance between protecting users and supporting growth.
Many in the industry interpret her comments, the first in public, as a signal that there will be a policy shift to favor crypto.
Read more: Kamala Harris Pledges Support For AI And Crypto In First Statement On Digital Assets
Bittensor Looking For Ethereum Compatibility
Beyond politics, confidence is high after the announcement that the Opentensor Foundation wants to connect the platform with Ethereum.
On September 15, the foundation said they will soon enable Ethereum smart contracts on the Bittensor network, a massive upgrade.
With this capability, it will be possible for developers to activate trustless cross-chain bridges and more complex subnet designs.
The eventual launch of this bridge will supercharge the Bittensor ecosystem, a move that will benefit other sectors of the broader crypto ecosystem, including DeFi.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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