Bittensor has experienced a strong uptrend over the past year surging by 1020% .
- TAO surged by 90.09% over the past week, outpacing other AI coins. Bitternsor surges to a 5 months high.
Throughout the year, AI coins have experienced exponential growth. This growth was especially driven by the increased adoption of AI.
Amidst this market favorability, Bittensor [TAO] has emerged as the leader. Over the past year, TAO has charted a 1020.9% price growth. The month of September was particularly good for TAO, as the AI coin rose by 65.52%.
In fact, as of this writing, Bittensor was trading at $567.12. This marked a 90.09% increase over the past week.
Bittensor outpaces other AI coins
Other AI coins have made a modest surge compared to TAO. While Bittensor price has increased by 90% on weekly charts, Near Protocol [NEAR] surged by just 19.94%.
At the same time, the Artificial Superintelligence Alliance [FET] rose by 28.41%. Additionally, Render has made significant gains soaring by 23.2%. Finally, Injective [INJ] has risen by 20%.
This shows that although markets for AI coins has seen increased adoption, TAO saw most gains.
What next?
According to AMBCrypto’s analysis, Bitternsor is experiencing a strong upward momentum. Since the wedge upside breakout, it has surged by 40.33%. Therefore, the prevailing market conditions positions TAO for further gains on price charts.
Source: Coinglass
For example, Bitternsor’s futures open interest has surged from $61.5 million to $114.06 million. This increase shows that investors are opening new positions suggesting the crypto is growing with increased capital flowing.
The recent price increase was accompanied by higher signals and a strong bullish sentiment.
Source: Coinglass
Additionally, liquidation for short positions has hit a record high. At press time, TAO short position liquidation was at a yearly high reaching $1.45 million. Equally, long positions liquidation over the past week has hit a record low of $139k at press time.
This shows a positive market sentiment as those betting against the market are forced out of their positions. While long position holders show confidence in the altcoin’s future price movement.
Source: Tradingview
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Simply put, TAO is experiencing a strong upward movement amidst increased positive market sentiment. Therefore, if the current market conditions hold, the altcoin will break out from the $586 resistance level.
A breakout from this level will push Bittensor to $645.
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