As of 12:15 pm ET on Sunday, Bittensor (CRYPTO: TAO) has continued to climb, now up 56.1 percent over the past seven days. This kind of movement has taken the project’s native TAO tokens from less than $175 each to around $275 during this same period.
As a leading machine learning network focused on democratization of computing to enable a wide range of AI applications and on-chain development, Bittensor’s weekly movements can be viewed at least in part as written by a larger narrative. Meanwhile, there wasn’t much to like about any of the companies or projects involved in AI this past week.
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That said, several token-specific catalysts appear to be key drivers of the token price appreciation we’re seeing in Bittensor. Here are the three most relevant drivers that I think investors should get into now.
I like to identify more tangible catalysts (avoiding technicalities and other price-related indicators that some investors pay more attention to) and highlight logical catalysts for any digital asset. Meanwhile, we have a few key updates this past week that investors have clearly caught on to.
An important catalyst, but perhaps not the most important on this list, is the news that Grayscale’s Bittensor trust received SEC reporting status on March 14. This removal of a large fund producer reinforces the long-standing narrative that Bittensor is a regulated and compliant asset. This should spark more interest from institutional investors and others seeking relative safety in this highly volatile sector.
Second, the announcement on March 15 that Bittensor will release the so-called “Covenant-72B model,” a 72-billion-parameter AI network running on the Bittensor network, sent this token soaring. Investors seem to view the move as one that directly establishes Bittensor as an AI crypto platform, and could encourage the world’s best talent to apply their skills within the blockchain space.
Finally, strong open interest and buying from large investors, combined with renewed interest in some beaten-down AI stocks, sent TAO tokens on a positive move higher. We’ll have to see if this momentum continues, but given the breadth and depth of this week’s moves in Bittensor, this is one hot token investors have reason to pay close attention to today.
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Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool ranks and recommends Bittensor. The Motley Fool has a policy of disclosure.
3 Reasons Why Bittensor Skyrocketed Over 56% This Week was originally published by The Motley Fool.
