Bittensor rose 108% in September while analysts see more gains

Bittensor, a fast-growing artificial intelligence token, was the second best-performing top 100 cryptocurrency in September after Sui.

TAO increased by 108% in September

Bittensor (TAO) is up 108%, while Solana’s popular rival Sui (SUI) is up 115% for the month. TAO is up 276% from its lowest point in August, pushing its market cap to over $4.4 billion.

Bittensor’s rally coincided with the recovery of some of the most popular AI assets such as Nvidia, C3.ai, Alibaba, and Palantir.

It also kept abreast of important developments in the artificial intelligence industry. One of the biggest events was Alibaba’s decision to launch more than 100 new open-source AI models, aiming to become a major player in the industry.

Another big event was OpenAI’s valuation, which rose from $100 billion on August 30 to $150 billion on September 14. The company that operates ChatGPT has become one of the most valuable companies in the artificial intelligence industry. AI coins like Bittensor tend to perform well when the industry evolves.

Bittensor rose after Grayscale launched its TAO fund, which attracted over $4.1 million in assets and transactions at a 5.6% premium to net assets. Grayscale also launched a SUI fund that attracted $2.3 million in assets.

Meanwhile, Bittensor’s demand on the futures market increased, reaching a record high of $172 million on September 30, from a September low of $46 million. Increasing open positions is a sign of increasing demand among traders and investors.

On-chain data also shows that the Bittensor network is growing, with the number of active accounts reaching over 127,000 and the amount staked reaching 5.9 million.

Some analysts believe that the Bittensor token will have further upside. In an X post, an analyst predicted the price would jump to $1,000, citing its strong technicals.

Another user pointed out the upcoming release of BIT001, which will allow Bittensor’s subnets to create their own independent tokens.

Bittensor created a Bittensor price chart with gold cross | Source: TradingView

TAO price rebounded after forming a triple bottom at $217 and breaking above the neckline at $365, with a high on July 26 and August 27.

Bittensor also formed a golden cross pattern with the intersection of the 200-day and 50-day moving averages.

It was approaching the 23.6% retracement point on September 30 and was trying to break through the psychological $600 level. A break above this level could mean a further rise to this year’s high of $777, which is 30% above the current level.