Bittensor tops crypto charts as AI tokens ride Nvidia wave

Bittensor has emerged as the top performer in the crypto space, benefiting from the surge in Nvidia’s stock. The decentralized AI project saw a substantial 31% price jump, making it the biggest gainer among the top 100 cryptocurrencies. Bittensor, also known as TAO, currently holds the 41st position in terms of market cap, which exceeds $2.51 billion. The recent rally can be attributed to Nvidia Corp’s stock surge of 13.5% and a resultant market cap of $2.92 trillion. As Nvidia’s stock has risen by 140.5% this year, it has provided momentum to AI-focused cryptocurrencies like TAO, resulting in a 0.8% increase in the AI-crypto market cap within the last 24 hours. The total market cap for AI tokens currently sits at $23.9 billion, according to CoinGecko. The movement of these AI tokens often correlates with Nvidia’s stock performance. Analysts are optimistic about TAO’s future, with technical indicators suggesting a bullish trend. The Moving Average Convergence Divergence (MACD) has crossed above its signal line, and the Relative Strength Index (RSI) is in a healthy trading zone. The price chart from September 14 indicates potential for upward movement. Market observers predict that once TAO breaks above the $357 mark, a powerful upward move can be expected. Some analysts even believe that TAO may reach the $3,000 to $5,000 range in this bull run, depending on factors such as liquidity shifts from Bitcoin and the overall strength of the AI narrative.