- Bittensor’s (TAO) Open Interest reached an all-time high, while positive sentiment also rose
- In the last 30 days, TAO is up more than 130%
Bittensor (TAO) has performed better Bitcoin (BTC) and the broader cryptocurrency market with a gain of 13% in the past 24 hours. In fact, TAO has also delivered a top performance over the past 30 days, with the altcoin increasing in value by over 130%.
According to Artemis, the artificial intelligence (AI) crypto sector has been the market leader over the past month, with a weighted average gain of 37%.
(Source:
In just one month, the total market capitalization for AI and Big Data cryptos has increased from $26 billion to $35 billion. CoinMarketCap. This growth has led to profits for TAO, the second largest AI crypto with a market cap of $4 billion.
Open Interest reaches a record high
According to Coinglass, Bittensor’s Open Interest rose to a record high of $189 million. This metric is up more than threefold from $50 million on September 5.
(Source: Mint Glass)
An increase in Open Interest indicates that more traders are opening and holding their positions on TAO.
When Open Interest rises alongside the price, it shows more money flowing into TAO. This confirms a continued uptrend and the likelihood that the token’s gains could extend.
In addition to Open Interest, derivatives data on TAO suggested positive sentiment towards the token. The long/short ratio stood at 1 at the time of writing, indicating balanced market sentiment.
Furthermore, over $800,000 worth of short positions were liquidated within 24 hours, implying that the market has not favored short traders.
(Source: Mint Glass)
Technical analysis of TAO
TAO was trading at $590 at the time of writing. The token formed a bullish V-shaped recovery on the four-hour chart – a sign that the bullish momentum could continue.
At press time price, TAO appeared to be trading at a crucial resistance level. The green volume histogram bars showed that the token could break this resistance level as the buying momentum is strong.
(Source: Handelsview)
If TAO crosses this resistance level, the next target price will be $618. At the time of writing, buying volume was high as the Chaikin Money Flow (CMF) was positive and stood at 0.21. This supported the likelihood of an outbreak.
At the same time, the Moving Average Convergence Divergence (MACD) line tipped above the signal line – a sign that bullish momentum was strong. The green MACD histogram bars further suggested that bulls could be in control.
The positive sentiment around TAO is further reflected in the financing rates, which have been positive since the end of September. This means that long traders are willing to pay a fee to short traders to maintain their positions.
(Source: Mint Glass)