Buterin said : “The point of using cryptographic incentives to improve artificial intelligence is that it can be done without requiring excessive effort, such as using cryptography to completely encrypt artificial intelligence -. Bittensor falls into this category.”
The price of Bittensor has recently surged, establishing a robust upward trend characterized by consistent higher highs and higher lows over the past several days. This bullish momentum propelled the altcoin past the formidable $435 resistance level in the most recent trading hours. With a potential stronghold above this crucial price point, Bittensor appears poised for further gains in the coming days.
Bittensor did not immediately respond to a request for comment
But what is Bittensor (TAO)? How does Bittensor work? Let’s see what we can find out, and also take a look at some of the Bittensor price predictions that were being made as of February 1, 2024.
Let’s examine some of the Bittensor price predictions being made on February 1, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
DigitalCoinPrice said that Bittensor would reach $946.56 this year. PricePrediction.net thought the token would trade at $607.93. Changelly argued TAO would be valued at $301.58 by the end of the year.
Moving on, Changelly thought Bittensor would trade at $513.49 in 2025. DigitalCoinPrice had the token coming in at $1,116.63 that year. PricePrediction.net said TAO would be worth $863.71 next year.
Looking at a more long-term Bittensor price prediction, PricePrediction.net said the token would hit $5,356.50 in 2030. Changelly suggested it would reach $4,615.06 that year. DigitalCoinPrice made a TAO price prediction that had it trade at $3,230.05 at the start of the next decade.
Google’s BardAI platform gave the following price prediction for Bittensor for February 1. Please remember that price predictions are very often wrong and that artificial intelligence should not be trusted.
Now, let’s examine the Bittensor price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Bittensor price prediction.
TAO first came onto the open market in June 2023, when it was worth about $0.1261. The cryptocurrency went up steadily until November last year, when it boomed to triple digits. It ended 2023 at $277.83,. Bittensor then kept on increasing, being worth $449.43 at the time of writing (February 1, 2024).
It is hard to say. The crypto has recently traded at an all-time high, but we don’t know whether it can maintain its momentum.
As always with crypto, you will need to make sure you do your own research before deciding whether or not to invest in TAO.
No one can really tell right now. While the Bittensor crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Bittensor, you will have to do your own research, not only on Bittensor, but on other coins and tokens such as Ordinals (ORDI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Bittensor’s TAO token is a digital currency that incentivizes AI production within a decentralized neural network protocol. Bittensor’s system rewards performance in AI production within a blockchain with their digital currency, TAO.
Bittensor operates on a custom-built blockchain. Interestingly, it originally launched on the Polkadot (DOT) network as a Polkachain before the developers ultimately decided to launch a separate network. The new system separates the validation processes from the computational actions.
As of February 1, 2024, there were 6.2 million TAO in circulation, representing the total supply
It might, as DigitalCoinPrice says it may reach that level next year.
Bittensor is a decentralized network that’s designed to connect machine learning models, rather than computers or servers.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.