TAO Surges 2.34% in 24 Hours, Outperforms Bitcoin and Ethereum
1min read Bittensor [TAO] has once again demonstrated its strength in the AI token market, with recent research highlighting its impressive performance and potential for further gains. The token has seen a 2.34% increase over the last 24 hours, contributing to its 48% monthly surge and 23% gain over the past 30 days. This upward trajectory is supported by a study that shows tao outperforming major market assets, including Bitcoin and Ethereum, since March 2023. While Bitcoin gained 195% and Ethereum saw a 2% increase, TAO rose by 169% and 167% respectively, indicating its strong performance in the market.
The adoption of TAO by institutional investors and a significant increase in the number of users have also influenced its price growth. The market has responded positively to these developments, with strong buying activity observed in both the spot and derivatives markets. The long-to-short ratio in the derivatives market remains high, indicating more buying than selling. If this trend continues, TAO's price could potentially reach new highs for the year.
However, TAO faces several hurdles that could slow its ascent. Key resistance levels at $370.2, $425.2, and $495.3 may cause the price to consolidate or pull back slightly before any fresh leg upward. Despite these challenges, the building momentum and bullish investor sentiment suggest that a continued rally in the coming days is likely, especially if accumulation sustains its current pace.
In the broader AI token market, TAO continues to dominate ahead of competitors such as Render, Near Protocol, and Artificial Superintelligence alliance, with a collective gain of 140%. The strong performance and positive market sentiment surrounding TAO indicate that it remains a top performer in the AI token space, with potential for further growth ahead.
