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September 23, 2024

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Bitcoin Today: 09/23/2024: BTC ‘copies’ high and TAO shoots up 83%
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For the second consecutive time, Bitcoin (BTC) closes with a weekly increase of over 7%. According to Coinglass, the cryptocurrency has risen 7.46% in the last seven days and has already accumulated gains of 7.6% in September. With this, BTC is breaking the negative tradition of September, which has had a negative performance for seven consecutive years.

In the Top 10, the biggest weekly gain was for Ethereum (ETH), which also rose sharply and accumulated gains of 11% in the week. The cryptocurrency also recorded two consecutive weeks of growth and has accumulated gains of 4.97% in September.

The second-largest gain of the week was Solana’s (SOL) 9.8% gain, followed by BNB’s 8.3% rise. Along with BTC, these were the only cryptocurrencies in the Top 10 with gains above 8% this week.

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On the other hand, two cryptocurrencies from the Top 100 stood out with significant gains during the week. The first was SUI, whose price soared along with the increase in demand for the network, rising 40% in the week. Then came TAO, which appreciated 83% amid a wave of interest in Artificial Intelligence (AI).

Bitcoin rises and TAO appreciates strongly

While Bitcoin is gaining value, TAO, the native token of the Bittensor network, has shown a surprising rise. This Monday (23), its price recorded gains of more than 20%, which made its value reach US$ 568. This appreciation occurred even after the strong gains recorded last week.

In addition to the short-term figures, the price of TAO has already accumulated an appreciation of 64% in the last 30 days and 1,020% in one year. The 7.38 million TAO in circulation are already worth US$ 4.1 billion (like BTC, the total supply of the token is 21 million).

At the time of writing, TAO is still down 25% from its all-time high of $767.68 in April 2024. However, Bittensor and the community expect the price of TAO to rise to $600.

As an AI-related cryptocurrency, TAO has benefited from Democratic presidential candidate Kamala Harris’s speech. At a Wall Street fundraiser, Harris promised to support innovative projects linked to AI and digital assets.

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Critics were quick to point out that as the sitting vice president, she already had the platform to influence changes in crypto, digital assets, and AI regulations. In this regard, they argued that Harris has failed to take any concrete action to help these sectors.

However, many still saw Harris’ latest speech as positive news that could eventually result in changes in these industries.

Bitcoin Today: 09/23/2024: BTC ‘copies’ high and TAO shoots up 83%

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Bitcoin Today: 09/23/2024: BTC ‘copies’ high and TAO shoots up 83%