The crypto market has always seen its ups and downs and new prominent coins, however, Bittensor’s TAO token can be defined as one of those who experienced an impressive growth recently. Currently TAO is priced at at whopping $416. 30 increase as compared with the figure recorded 64 earlier in the year 2008 which amounts to about 14 percent. Five five, five, five – yes sir – five and a half a day – yeah, and 55% increase in only 24 hours. Such a massive surge has put TAO in the limelight and placed the company among the choicers to benefit in the crypto space.
This has boosted the current market capitalization of TAO to $3,075,227,843 as a result of the price increase recently undergone. This positions Bittensor in the 29th rank in the global cryptos rankings thus revealing a growing trend in the use of cryptos. The volume has also dramatically increase to $172,946,331 of TAO traded in the last 24 hours, up 36%. 50% boosting that reveal its popularity amongst traders in the market.
One of the most intriguing aspects of TAO’s recent performance has been its volume to market capitalization ratio; at the time of writing it stands at 5. 66%. This metric helps shed light on the liquidity and the trades’ activity of the token in relation to its total value. A higher ratio usually means more interest and possible fluctuation in the price of the company’s stocks, which makes TAO equally suitable for day traders and long-term holders.
TAO tokens circulating in the market now is 7,380,936, this is the 35% of the total TAO tokens supply in the market. It represents 15 per cent of the total supply of the subject note. However, the current circulation of TAO tokens represents only a part of the total 21,000,000 TAO tokens which implies that there is still a lot of headroom for the growth of the token. The scarcity factor may be used to create demand and thus maybe be used to increase the value of the token in the long-run.
Another key valuation metric referred to as the fully diluted market capitalization that takes into account the maximum supply number amounts to $8,691,349,443 in the case with Bittensor. This gives us a preview of the possibility of the project if all tokens are in circulation which underlines the value proposition that Bittensor has to offer.
To achieve this breakthrough, Bittensor is an Artificial Intelligence network and system that adopts what’s called the decentralized machine learning approach. This uptrend established in TAO value might be explained by the increasing awareness of the decentralized approach TAO is offering the AI industry and how it can challenge and transform the current development processes.
Much debate within the crypto community is about the true drivers of its performance especially now that TAO is back in the market. While some saw larger horizons opening with AI in different fields, some pinned down Bittensor’s application of decentralized machine learning as the product’s selling point in a rather saturated crypto market.
Like with any other crypto investment, there is a need to be very careful while dealing with TAO and make sure one investigates beforehand. Although the recent increases are quite notable the users should remember that cryptocurrency market is rather unstable and the rates can change very fast. One has to step back and contemplate on the extent of risk he or she is willing to take, and whether, TAO is the type of investment he or she wants.
All in all, for now, a TAO that belongs to Bittensor is simply high on the rising sentiment in the market. It was able to reach the highs due to the use of innovative techniques in the project that involves the usage of AI and machine learning that make the project an interesting part of the cryptocurrency market. Seeing the further evolution of TAO and Bittensor in the growing but already rather saturated context of the crypto market will be interesting.
