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Bittensor’s TAO Sees Record Open Interest and Positive Sentiment Surge
TAO Continues Impressive Growth Streak
Bittensor’s TAO has demonstrated remarkable performance, outpacing Bitcoin and the wider cryptocurrency market with a remarkable 13% surge in the last 24 hours. Over the past 30 days, TAO has soared by over 130%, positioning itself as a top performer in the digital asset space.
AI Crypto Sector Leader
Artemis reports that the AI crypto sector has taken the lead in market performance, boasting a 37% weighted average gain in the last month. The total market capitalization for AI & Big Data cryptos has also seen a substantial increase from $26 billion to $35 billion.
Record Open Interest and Market Sentiment
Coinglass data reveals that Bittensor’s TAO has reached an all-time high in Open Interest, recording a surge to $189 million from $50 million at the beginning of September. This surge indicates growing trader interest and confidence in TAO, with derivatives data reflecting positive sentiment towards the token.
Technical Analysis and Price Predictions
TAO is currently trading at $590, showing signs of a bullish V-shaped recovery on the four-hour chart. With strong buying momentum, TAO is approaching a crucial resistance level, poised to potentially break out towards $618. Metrics like the Chaikin Money Flow and Moving Average Convergence Divergence support the bullish momentum, indicating a positive market sentiment around TAO.
Conclusion
With record-breaking Open Interest, positive sentiment, and promising technical indicators, Bittensor’s TAO is paving the way for further price appreciation and market dominance within the AI crypto sector.