Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge?

Christian Encila

Last Updated: October 6, 2024 5:00 pm

2 mins read

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Bittensor (TAO) has been garnering attention for its exceptional performance, surpassing Bitcoin and the broader cryptocurrency market. TAO has experienced a 15% increase in the past 24 hours, and it has appreciated by over 130% in the past 30 days. This extraordinary expansion has established TAO as one of the most successful altcoins, attracting the attention of both institutional and retail investors.

The altcoin’s future potential is a significant factor in the development of this momentum. Recent price predictions show that Bittensor could experience a substantial 220% increase, with a potential price of $1,800 by November 2024. Many are interpreting the current bullish sentiment as an opportunity to purchase TAO before it experiences its next significant surge.

TAO price seen rising. Source: CoinCodex

Open Interest Reaches New Highs

According to Coinglass, TAO’s Open Interest, which recently reached an all-time high of $189 million, is one of the most telling indicators of its strength. That’s sharply up from $50 million recorded at the start of September. An increasing Open Interest-the total number of active positions held by traders is often a very positive sign, as it indicates more money is being invested in the asset.

This surge in Open Interest alongside rising TAO price signifies that the traders are not just holding on to their existing long positions but are also actively buying new ones. Therefore, upward momentum means that the recent runs of Bittensor may be sustained for some time longer. This has heightened speculations that the token may even ascend much higher.

TAO is currently trading at $554. Chart: TradingView

Technical Analysis Supports The Bullish Hunch

Bittensor is now trading at $554, representing a critical resistance. TAO plots a V-shaped recovery on the four-hour chart, which usually represents sustained positive momentum. The CMF indicator has also stayed positive at 0.21, showing significant buying force in the market.

Besides this positive forecast, a green volume histogram bar shows that TAO may be able to break up from this resistance line to the next point at $618. Considering the strength of purchasing volume by the market, a short-term upward movement can be said to hold a good case.

What Lies Ahead For Bittensor

Analysts are generally positive about Bittensor’s future. Even though the cryptocurrency market as a whole is still pretty sketchy, TAO has had 20 “green days” out of the last 30 days, which means that 67% of the time, prices have gone up. The coin is growing, even though it has a 30% fluctuation, and predictions for November 2024 show that it will grow a lot.

Featured image from Bittensor, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.