Bittensor (TAO) Surges with Increasing Development Activity
Bittensor (TAO) has experienced significant growth, becoming the top gainer among the top 100 cryptocurrencies. In the past 24 hours, TAO has risen by 18% and is currently trading at $260. With a market cap of $1.59 billion, it now holds the position of the 50th-largest crypto in the market. However, TAO’s daily trading volume remains relatively low at around $11 million.
Increased Development Activity and Social Volume
In recent data provided by Santiment, TAO’s development activity has surged by 37% in the past day. This is the first significant increase since December 22, 2023, when TAO was trading around $300.
Additionally, Bittensor’s social volume has also seen a significant rise alongside the price surge. Santiment reports a 67% increase in social volume over the past 24 hours.
RSI Indicates Growing Heat
The Relative Strength Index (RSI) for TAO suggests increased activity and interest in the asset. The RSI has risen from 36 to 50 in the past day, although it remains below the crucial 60 mark. This sudden rise in RSI indicates the possibility of a price cooldown in the future.
Hot Take: Bittensor’s Development Activity Drives Impressive Growth
Bittensor (TAO) has seen a remarkable surge, becoming the top gainer among cryptocurrencies. With its increasing development activity and rising social volume, TAO has attracted attention and experienced an 18% price increase. While the RSI indicates potential cooling down, the overall growth and market cap of $1.59 billion make TAO an intriguing asset to watch in the crypto market.
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