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Bittensor Price Prediction 2024: TAO Hits Record Price

Last Updated February 1, 2024 7:58 AM
Giuseppe Ciccomascolo
Last Updated February 1, 2024 7:58 AM
Key Takeaways
  • Bittensor reached new highs after Ethereum’s Vitalik Buterin seemingly endorsed it.
  • TAO is set to increase further over the coming years.
  • One price prediction says TAO may reach $1,116.63 next year.
Bittensor’s token TAO hit a new all-time high after Ethereum (ETH) co-founder Vitalik Buterin mentioned the token in an article focused on the promises and challenges of integrating artificial intelligence (AI) and blockchain technology.

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.

Bittensor Price Prediction

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.

2024 2025 2026
Prediction #1 $946.56 $1,116.63 $0.000214
Prediction #2 $607.93 $863.71 $5,356.50
Prediction #3 $301.58 $513.49 $4,615.06

Bittensor Price Prediction for 2024

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.

Bittensor Price Prediction for 2025

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.

Bittensor Price Prediction for 2030

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 BardAI Price Prediction for Bittensor (as of February 1)

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.

Short Term (Next 3 months)

  • Price range: $429.01 – $461.52
  • Reasons:
    • Adoption of the Bittensor ecosystem: The more people use Bittensor, the more demand there will be for the TAO token, driving up the price.
    • Development of new features and partnerships: The addition of new features and partnerships can increase the value of Bittensor and make it more attractive to investors.
    • Overall market conditions: The overall cryptocurrency market can have a significant impact on Bittensor’s price. If the market is bullish, Bittensor is likely to rise in price. If the market is bearish, Bittensor is likely to fall in price.

Medium Term (Next 6 months)

  • Price range: $424.40 – $406.14
  • Reasons:
    • Market sentiment: The overall sentiment of the cryptocurrency market can have a significant impact on the price of Bittensor. If the market is bullish, Bittensor is more likely to rise in price. Conversely, if the market is bearish, Bittensor is more likely to fall in price.
    • Development activity: The level of development activity on the Bittensor platform can also affect its price. If there is a lot of development activity, investors may be more confident in the project’s future, which could lead to an increase in the price.
    • Adoption: The adoption of Bittensor by businesses and individuals can also drive its price up. If more people start using Bittensor, the demand for the token will increase, which could lead to a higher price.

Long Term (Next 5 years)

  • Price range: $560.36 – $595.36
  • Reasons:
    • The increasing adoption of cryptocurrency: The cryptocurrency market is growing rapidly, and Bittensor is well-positioned to capitalize on this growth.
    • The increasing demand for decentralized computing power: As more and more businesses and individuals rely on cloud computing, there will be a growing demand for decentralized computing power.
    • The potential for Bittensor to be used for a variety of applications: Bittensor could be used to power a wide range of applications, including distributed ledger technology, artificial intelligence, and machine learning.

Bittensor Price History

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).

Bittensor price history
Bittensor’s price in 2023 and 2024 | Credit:CoinMarketCap
As of February 1, 2024, there were 6.2 million TAO in circulation, representing the total supply. This gave Bittensor a market cap of about $2.7 billion, making it the 204th largest crypto by that metric.

Is Bittensor a Good Investment?

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.

Will Bittensor go up or down?

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.

Should I invest in TAO?

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 (TAO) Explained

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.

How Bittensor Works

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.

Bittensor Attention Tracker

Bittensor Google search volume
Bittensor’s Google search volume for the last 90 days. Credit | Google
Here is a chart for Bittensor’s Google search volume for the past 90 days. This represents how many times the term “Bittensor TAO” has been Googled over the previous 90 days.

FAQs

How many Bittensor are there?

As of February 1, 2024, there were 6.2 million TAO in circulation, representing the total supply

Will Bittensor reach $1,000?

It might, as DigitalCoinPrice says it may reach that level next year.

What is Bittensor?

Bittensor is a decentralized network that’s designed to connect machine learning models, rather than computers or servers.

Disclaimer

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.

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