coinjournal.net
- Bittensor ($TAO) price reached hihhs of $747 after Binance announced listing of $TAO.
- The token’s all-time high of $757 was reached in March this year.
- A breakout above this could see Bittensor price target the $1,000 level.
Bittensor ($TAO) is soaring, and is one of the top performing altcoins in the market today.
Per data from CoinGecko, the $TAO token price has reached highs of $747, a 24-hour high that was just shy of the token’s all-time high of $757.60 reached on March 7, 2024.
Could price discovery mode for Bittensor see bulls target the $1,000 level? Given the catalyst for today’s upside, it’s likely further momentum could leave buyers eyeing the psychological target.
Why is Bittensor ($TAO) price up today?
Bittensor ($TAO) is a decentralised machine learning blockchain protocol that has soared in recent months amid the broader rally for Artificial Intelligence (AI) related tokens.
The platform, which uses the native $TAO token in its rewards system, soared on Thursday after Binance, the world’s largest crypto exchange by trading volume, listed $TAO.
As with other tokens to hit the global exchange over the years, Bittensor experienced a major spike in price and volume following the Binance news. Per data from CoinGecko, $TAO’s 24-hour trading volume was over 400% at the time of writing, reaching $363 million.
Is $TAO price poised for $1,000?
Binance’s listing, which brings more visibility and confidence to the AI-related token, could be the turning point that elevates Bittensor price even further.
Currently, the protocol leads the AI crypto market cap rankings with over $4.5 billion. Render (RNDR) and The Graph (GRT) are the two next biggest by market cap at $3.4 billion and $2.9 billion.
The AI narrative remains strong and so does the crypto one, particularly with Bitcoin expected to rip to above $100k after its halving and amid the increasing demand for spot Bitcoin ETFs.
$TAO’s listing on Binance could bring the token to millions more, likely pushing prices towards the $1,000 mark.
Other than the huge volume and the potential for a new ATH for $TAO against the US dollar, there’s also a big move for $TAO/$BTC. The pair rose as much as 28% earlier in the day.
Bittensor is trading +17% against $BTC and looks set for a flip higher.