According to the latest market trends, the artificial intelligence (AI) coin Bittensor (TAO) has overtaken Internet Computer (ICP), now sitting as the second largest AI-focused coin, just below NEAR Protocol.
TAO’s 5.7% 24-Hour Jump Pushes It Ahead of ICP in AI Coin Market
Kicking off the week, despite a general market slump, Bittensor (TAO) saw a 5.7% increase in the past 24 hours. Over the last month, TAO has climbed 109.6% against the U.S. dollar. As of Sept. 30, 2024, TAO’s trading range is between $540 and $604 per token, bringing its market valuation to $4.436 billion. This rise edged TAO past Internet Computer (ICP), which had a market cap of $4.364 billion as of Monday, Sept. 30, at 11 a.m. Eastern Time.
Bittensor, in a nutshell, is a decentralized blockchain network aimed at creating a global marketplace for AI and machine learning models. The white paper says it strives to democratize AI development, promote open collaboration, and move away from corporate AI monopolies. The platform enables peer-to-peer training, sharing, and trading of AI models.
The token TAO is the native crypto asset powering the Bittensor network and serves a variety of purposes within the system. It’s used for rewards, staking, governance, fees, and access to services. Miners and validators earn TAO for their efforts, while token holders can engage in network governance and delegate their tokens for additional rewards.
Tokenomics and Historical Performance
Bittensor’s main goal is to encourage decentralized machine intelligence by transforming machine learning models into tradable assets. The network has a fixed supply of 21 million TAO tokens, and its emission model mirrors that of Bitcoin. Just 238 days ago, TAO traded at $422, marking a 40.75% gain since then. In mid-May 2023, TAO hit an all-time low of $30.83, and since then, it’s surged by 1,820%. However, TAO remains 21.8% below its peak price of $757 per coin, which it reached on March 7, 2024.
What do you think about Bittensor becoming the second-largest market cap in the AI sector? Share your thoughts and opinions about this subject in the comments section below.