Bittensor Surges 10% as AI Narrative Returns
Bittensor, the token behind TAO, has seen a significant surge in price over the past 24 hours, gaining over 10% and extending its weekly gains to more than 21%. The resurgence of interest in AI-related assets is being cited as one of the main drivers of this growth.
The recent Q2 earnings report from Nvidia showed record revenue of $96.20 billion, which has fueled a broader uptick in the AI sector. This trend has seen tokenized NVDA climb to around $221 with over $131 in daily volume, and has also benefited other AI-related assets such as Bittensor and Venice Token.
Bittensor itself has expanded its liquidity by more than $600K after the TAO-USDC pool went live on Aerodrome, exposing it to a wider range of users. This increased exposure has led to significant growth in token trading volume, with the average surpassing $300 million in mid-month.
Despite this bullish trend, analysts warn that a full reversal will not be triggered until TAO breaks above the $260 level. If this happens, it could see the token break out to new levels, potentially reaching targets of $290, $350, or even above $450.