With the cryptocurrency market gaining momentum, numerous cryptocurrencies have experienced a rally. However, Bittensor stands out as one of the top gainers of the day, with its price surging exceptionally. This open-source protocol, which currently holds a market value of $4 billion, has witnessed a remarkable increase of over 29% in the past 24 hours.
Kamala Harris, the Vice President of the United States, has joined the growing interest among crypto investors. This comes in light of Donald Trump’s new crypto initiative and the president’s first crypto transaction. Harris openly expressed her support for cryptocurrency during a fundraising event on Wall Street that took place on September 22.
During the event, Harris announced her intention to focus on the development of innovative technologies like artificial intelligence and digital assets if she wins the upcoming election. She emphasized the importance of protecting consumers and investors while fostering the growth of the industry.
Wayne Vaughan, the co-founder and CEO of Tierion, has also shown interest in Bittensor, which has contributed to the rise in the price of its token, TAO. With his significant influence in the crypto industry, Vaughan’s mention of Bittensor on the X platform has sparked increased demand for the token. Although he stated that he is examining the token for its technology rather than as an investment, his tweet has raised expectations for potential collaboration, which could further drive up TAO’s price.
The price of Bittensor has not only started to rise today; it has been on an upward trend throughout the week, gaining an impressive 85%. This increase can be attributed to new developments surrounding the AI coin, such as the launch of the Bittensor Trust by Grayscale. The trust has been available to accredited investors since last month, and the ongoing interest in the token has contributed to the surge in TAO’s price.
Moreover, Bittensor recently introduced a new decentralized training mechanism in collaboration with MacroCosmos and Manifold on an AI training model. This development may also be a factor contributing to the price increase.
In summary, Bittensor has reached new heights with its price increase and is only 27% away from its all-time high. Kamala Harris’s statements advocating for the development of AI and digital assets have sparked greater interest in AI tokens, thereby boosting demand for Bittensor. Furthermore, the recent developments surrounding Bittensor and the interest from influential figures like Wayne Vaughan have significantly increased the volume and demand for the TAO token.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
