The cryptocurrency market has recently seen Bittensor’s TAO token, which has attracted the attention of investors and lovers of cryptocurrencies. Currently TAO is priced at astonishing $376. 60, this is an increase of 15 percent. In just 24 hours there was an increase of 98 percent. This surge has placed TAO in the limelight thus making it one of the biggest gainers in the crypto space.
This has however affected the current market capitalization of TAO which currently stands at $2,779,636,696 as a result of the recent price increase. This puts Bittensor in the rank position 32 in the global cryptocurrency list which is an indication of its increasing adoption. The trading volume has also increased significantly with $142,451,093 of TAO being traded within the last one day – a 21%. 09% rise that points to the fact that the token is gaining more and more popularity among traders.
Perhaps one of the most interesting things that has happened to TAO over the past few quarters is the volume to market capitalization ratio which stands at 5. 12%. This metric gives important information on the tokens’ turnover and trading volume in relation to the total value of the token. A higher ratio usually suggests higher interest and likely to be more volatile in its price, thus TAO is a perfect candidate for both short-term speculation and long-term investment.
At the time of writing this paper, the number of TAO tokens in circulation is 7,380,936, which is 35%. I should note that, according to the description, the share of tokens to be sold in the crowdsale will amount to 15% of the total amount of tokens. This is much lower than the current circulation and it is lower than the maximum supply of 21,000,000 TAO tokens which indicates that there is still large potential for TAO token adoption. The scarcity factor could make the demand go high and, therefore, the value of the token in the long run.
Concerning the market capitalization, Bittensor has a fully diluted market cap, derived from the maximum supply, set at $7,908,532,280. This figure gives us a view of how the project would look like if all tokens are in circulation and it shows us how valuable Bittensor is in bringing to the table.
Being a decentralized machine learning network, Bittensor has the mission to disrupt the AI industry and introduce an open marketplace for it. This upsurge in the value of TAO might be due to the realization of the project’s capability to revolutionize the current conventional models of AI development to more collaborative and incentive-driven models.
The crypto community has been awestruck by TAO’s performance and many are trying to understand what could have led to such performance. Some attribute it to the growing understanding of the capabilities of AI in different fields, while others focus on Bittensor’s distinct approach to Decentralized Machine Learning as the competitive advantage in the rather saturated field of crypto.
Like any other cryptocurrency investment, it is advisable to work smart when investing in TAO and do your homework well. Although such achievements have been registered in the recent past, the crypto market remains highly unpredictable and can turn around within a short span. All those intending to invest in TAO should do so with caution with special regard to the risks involved and the objectives they intend to achieve.
Thus, Bittensor’s TAO token can be described as being both hyped and currently benefiting from the positive market sentiment. Combined with the project’s high growth rates, it is worth noting the original approach to the use of artificial intelligence and machine learning in the project’s activities, making it an interesting example in the field of cryptocurrency. It will thus be fascinating to observe how the TAO team and Bittensor deal with the future prospects that the maturing of the crypto market presents to them.
