TAO Sets All-Time High At $470, Vitalik Buterin Sees Use 'To Incentivize Making Better AI'
Portfolio Pulse from Khyathi Dalal
Bittensor (CRYPTO: TAO) reached a new all-time high of $470, influenced by Ethereum founder Vitalik Buterin's mention of its potential in AI incentives and Nous Research's announcement of a Cortex subnet on Bittensor. OSS Capital committed to a $25 million investment in the Bittensor ecosystem. TAO's price surged 23.5% in 24 hours, with a 73% increase week-over-week and a 378% year-over-year. Trading volumes rose by 351.5%. Grayscale noted adoption signs in AI-related cryptocurrencies, and technical analyst Parabolic Pump set a target of $10,000 per TAO, citing bullish signals.
January 30, 2024 | 9:21 pm
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NEUTRAL IMPACT
Ethereum's mention in relation to Bittensor's TAO token by its founder Vitalik Buterin may indirectly influence investor sentiment towards ETH, although the direct impact on Ethereum is less pronounced.
While Ethereum is not the primary focus of the article, the mention by its founder Vitalik Buterin in the context of AI and cryptocurrencies could have a mild positive effect on investor sentiment towards ETH. However, the direct impact on Ethereum's price is uncertain and likely to be overshadowed by the more significant developments surrounding TAO.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Bittensor's TAO token reached an all-time high, buoyed by Vitalik Buterin's mention and Nous Research's project, with significant investment from OSS Capital and a bullish market sentiment.
The all-time high and subsequent price surge are directly attributed to the positive developments and endorsements from influential figures and organizations within the cryptocurrency and AI sectors. The investment commitment and technical analysis predictions further support a bullish outlook for TAO in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100