The Bittensor price has jumped by 5.5% in the past 24 hours, with the altcoin’s price settling at $653 after reaching an all-time high of $698.60 in the early hours of the morning.
TAO has now risen by 31% in a week and by 143% in the last 30 days, with the token also having gained by more than 500% since listing in March 2023.
Its gains are largely the product of Bittensor’s status as a decentralized machine learning network, with growing hype regarding AI helping to attract investors.
And while it may be about to correct in the near term, ongoing interest in AI is likely to keep pushing it higher in the longer term.
Bittensor Price Prediction as TAO Hits a New All-Time High – Is the Peak Near?
TAO’s chart reveals a token with plenty of momentum right now, albeit one which may have peaked and could therefore be on the way down.
Its 30-day average (yellow) has been well above the 200-day (blue) since mid-November, yet in recent weeks it has raced aggressively beyond the longer term average, suggesting that a correction may be coming.
Likewise, TAO’s relative strength index (purple) neared 80 last night, yet it has become to dip slightly, again foreshadowing a possible downturn.
Despite these signs, the coin’s 24-hour trading volume remains at a record high, rising from $5 million barely a month ago to $40 million today.
What’s particularly bullish about TAO is that it’s still waiting for listings on various major exchanges, with the likes of Binance, Kraken, Bitstamp and Coinbase yet to add the coin.
#Bittensor is now a Top 25 project 🔥
It recently surpassed a $4 billion valuation$TAO pic.twitter.com/Ok5pQbqPsN
— ＤＲＥＡＤ ＢＯＮＧＯ (@DreadBong0) February 15, 2024
As such, it could see additional spikes in the next few weeks, even if it currently looks a little too hot.
It’s also worth remembering that hype for AI remains very strong, and that Bittensor has yet to produce or roll out a significant AI-based dapp or project.
In other words, once its ecosystem does start growing and offering some genuine utility, the Bittensor price could rise even higher.
And when combined with growing Bitcoin ETF volumes and the next Bitcoin halving (due April), the general market bullish could help TAO break its ATH once again.
From $650, it could reach $700 in the next few weeks, before topping $800 at some point in the spring.
Small-Cap Alts with High Potential
For traders worried that TAO may have peaked, there are other promising new tokens that look ready to surge in the coming weeks.
This includes several presale tokens, many of which could rally big once they begin listing on trading platforms.
One of the biggest is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised close to $11 million in its heavily subscribed presale.
🚀 Spot Bitcoin #ETFs are shaking up the market dynamics, acquiring #Bitcoin at a rate surpassing miner production by 10x! #WallStreet giants like @BlackRock and @Fidelity are driving this surge, fueling demand for $BTC.
What do you think this means for the future of… pic.twitter.com/sXCwRLmmJA
— Bitcoinminetrix (@bitcoinminetrix) February 14, 2024
Preparing to launch in the next few weeks, Bitcoin Minetrix will enable users to mine Bitcoin (BTC) by staking its native BTCMTX token.
Those who stake BTCMTX receive tokenized mining credits, which they can then use to pay for Bitcoin hashing power.
By purchasing hashing power, users gain an entitlement to a share in mined Bitcoin.
Not only that, but stakers also receive a steady passive income in the form of newly issued BTCMTX, making the platform doubly profitable.
This setup is allied with a user-friendly and streamlined interface, making Bitcoin mining accessible to a much wider demographic.
Judging by the runaway success of its sale, the platform is likely to be successful once it launches, with new investors still able to join the token offering by going to the official Bitcoin Minetrix website.
Comparing #BitcoinMinetrix vs. Traditional Cloud Mining: 🚀
💸 Cost: #BTCMTX – Low cost, no minimum / Traditional – High cost, large minimum.
🔒 Security: #BTCMTX – Decentralized, user-owned / Traditional – Cash deposits.
Choosing wisely for your #CloudMining journey! 🛠️💰 pic.twitter.com/vE8vqd4KLM
— Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
They can currently buy BTCMTX at a price of $0.0135 per token, although this will rise to $0.0136 in four days.
And it will probable rise even higher once the token lists, with its fundamentals putting it in a prime position to become one of the more successful new coins of 2024.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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