Convergence

Artificial Superintelligence Alliance

bullish

Bittensor

Decentralized AI project Bittensor skyrocketed to the top of the weekly gainers’ list, riding the wave of Nvidia’s stock surge. 
Bittensor (<a href="https://crypto.news/price/bittensor/" target="_blank">TAO</a>) topped the charts this week as the biggest gainer among the top 100 cryptocurrencies with a solid 31% price jump. At the time of writing, TAO ranked 41st by market cap which stood at over $2.51 billion, with its price up 8.87% in the last 24 hours, trading at $313.59. 
TAO’s recent climb can be credited to Nvidia Corp’s stock rallying 13.5%, closing at $119.08 on Sept. 13. This surge pushed Nvidia’s market cap to a whopping $2.92 trillion, <a href="https://www.marketwatch.com/investing/stock/nvda" target="_blank">according</a> to MarketWatch. 
With Nvidia stocks up 140.5% so far this year, the momentum has lifted TAO and other AI-focused cryptocurrencies along with it, pushing the AI-crypto market cap up by 0.8% in the last 24 hours. According to CoinGecko, the total market cap for AI tokens now stands at $23.9 billion. 
AI tokens typically <a href="https://crypto.news/ai-tokens-are-dancing-to-nvidias-beat/" target="_blank">move in tandem</a> with Nvidia’s stock. On Sept. 4, tokens like Artificial Superintelligence Alliance (<a href="https://crypto.news/price/fetch-ai/" target="_blank">FET</a>) and Render (<a rel="" href="https://crypto.news/price/render/">RNDR</a>) fronted <a href="https://crypto.news/akash-network-fet-and-render-see-double-digit-losses-as-nvidia-stocks-plunge-9-5/" target="_blank">double-digit losses</a> after a 9.5% dip in Nvidia’s stock. Back in February, these tokens rallied after Nvidia’s strong Q4 2023 earnings, and a <a href="https://crypto.news/fet-jumps-11-ahead-of-nvidias-q2-earnings/" target="_blank">similar buzz</a> also built up ahead of its Q2 2024 report. 
<h2 class="wp-block-heading" id="tao-primed-for-liftoff">TAO primed for liftoff</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/09/TAOUSD_2024-09-14_18-31-29.png" alt="Bittensor tops crypto charts as AI tokens ride Nvidia wave - 25" class="wp-image-14297890">
 <figcaption class="wp-element-caption">
 TAO 1D price, MACD, and RSI chart – Sep. 14 | Source: <a href="https://crypto.news/price/bittensor/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
The 1D TAO/USD price chart from Sep. 14, signals a strong bullish trend, suggesting a potential for upward movement.&nbsp; 
The Moving Average Convergence Divergence has crossed above its signal line, and displaying longer green bars on the histogram, both positive signs for upward momentum. 
Moreover, the Relative Strength Index currently stands at 59, indicating the asset is in a healthy trading zone, still far away from overbought levels.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/surge-in-nvidia-stock-triggers-bullish-momentum-for-ai-tokens/"> Surge in Nvidia stock triggers bullish momentum for AI tokens </a> 
This provides room for potential growth without immediate concerns of a pullback due to overvaluation, painting a bullish outlook for the token’s short-term price trajectory, with further gains expected in the short term. 
Market observers on X are echoing a similar bullish sentiment. <a href="https://x.com/Roman_Trading/status/1834669343377940647" target="_blank">According </a>to analyst Marco Polo, TAO is currently ranging between $268 and $357. He expects a powerful upward move once TAO breaks above the $357 mark. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank">$TAO</a> 1W Break $400 and its off to the races. I believe theres a good chance <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank">$TAO</a> could top around 3-5k depending on our liquidity shift from <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank">$BTC</a> and the overall AI narrative. Still holding from 120-220 spot average.<a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#bitcoin</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#cryptocurrency</a> <a href="https://twitter.com/hashtag/cryptonews?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#cryptonews</a> <a rel="" href="https://t.co/AOsq0UKHC9" target="_blank">pic.twitter.com/AOsq0UKHC9</a>— Roman (@Roman_Trading) <a href="https://twitter.com/Roman_Trading/status/1834669343377940647?ref_src=twsrc%5Etfw" target="_blank">September 13, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Meanwhile, analyst Ramon shares a similarly bullish outlook but identifies a slightly higher key resistance around the $400 mark.&nbsp; 
Ramon predicts that TAO could reach the $3,000 to $5,000 range of this bull run, depending on liquidity moving out of Bitcoin and the strength of the overall AI narrative, which has been further fueled by recent developments like Apple’s <a href="https://www.theverge.com/2024/9/10/24237714/apple-intelligence-generative-ai-features-update-schedule" target="_blank">announcement</a> of its generative AI at the iPhone 16 event. 
 Read more: <a rel="" href="https://crypto.news/bittensor-price-prediction-2024-2030/"> Bittensor price prediction: Is this the ‘golden age’ for TAO and other AI tokens? </a>

Bittensor tops crypto charts as AI tokens ride Nvidia wave

Table of Contents

crypto.news

Other articles published on Sep 14, 2024

Secure Your Place on the Qubetics Whitelist for Exclusive Early Access Benefits and Quantum-Resis...

Coinpedia Fintech News

Spot Bitcoin ETFs Break Another Major Outflow Streak With $263M Inflow

CARV and LayerZero Collaborate to Boost Cross-Chain Gaming Data

Brand New Dogecoin Killer Explodes 300% In 7 Days, Here’s Why

Donald Trump Announces Launch of New DeFi Crypto Project

Join our free newsletter for daily crypto updates!