- Bittensor’s native token TAO peaked at $579.74 after a 30% price action on Monday.
- The token benefited a lot from the positive speech of VP Kamala Harris about crypto and AI last Sunday.
Bittensor (TAO) starts Monday with a bang. Fresh from Vice President Kamala Harris’ seemingly reassuring speech about cryptocurrencies and artificial intelligence (AI) on Sunday, the AI-related token peaked by over 30% from its 24-hour low.
Bittensor (TAO) Price Action Today
As of 6:30 AM UTC on Monday, Bittensor’s native token TAO has displayed an astonishing climb of over 22% from its price yesterday to the $568 range. This came after a 30% movement from a $447.97 low to a $579.74 high in the past 24 hours.
The current price represents an increase in TAO’s valuation to 90% in a week, 64% in a month, and 1,020% in a year. This also takes the market cap of the token’s 7.38 million circulating supply to $4.186 billion. Meanwhile, the crypto’s trading volume rose to 58% within a day as more than $297 million worth of TAO moved between DeFi wallet addresses.
As of writing, TAO was 25% down from its all-time high of $767.68 five months ago. However, Bittensor and the broader crypto community are overly optimistic about its potential rise to $600.
What Shook the Price Up?
Bittensor, being a crypto related to AI, certainly benefited from VP Harris’ speech at a Wall Street fundraiser on Sunday. During the event, the Democratic presidential bet vowed to support innovative projects tied to AI and digital assets.
Harris claimed it’s the key to boosting the US’ competitiveness and consumer protection. She added that she “will cut the needless bureaucracy” pestering these sectors.
Critics were quick to point out that, as the sitting vice president, she already had the platform to influence changes in crypto, digital assets, and AI regulations. They questioned why she was making noise about them just now.
Nonetheless, many still viewed Harris’ latest speech as positive news that could eventually result in concrete changes in these industries. In fact, none other than the key influencer in crypto prices, Bitcoin (BTC), has reacted positively to the news.
In the past 24 hours, the premier crypto asset peaked above $64,700 following her statements. At the same time, Ethereum (ETH) rallied over $2,600.
All these further helped reinforce TAO’s momentum after the significant announcement of the US Federal Reserve last week, which cut interest rates by 50 basis points (bps) to 4.75%-5%. It was the first time the US central bank dialed down the borrowing rates since 2020.
Of course, there’s also the solid fundamentals allowing Bittensor to hold its own against dramatic shifts in market sentiments and trends. As the pseudonymous “The Smart Ape” on X has put it, “TAO is like BTC on steroids.”
The Bittensor chain is governed by a Proof-of-Intelligence consensus mechanism. This combines the best of both worlds in Proof-of-Work (PoS) and Proof-of-Stake (PoS) models to sustain its machine-learning-based inner workings.
Furthermore, like Bitcoin, TAO possesses a strong deflationary mechanism in the form of halving every four years. It’s sustained by continuous developments in its ecosystem and unwavering community support as well.
