Key Points
- Bittensor’s TAO token has recovered from recent losses, gaining 41% in the past day.
- The rise follows the announcement of a new component of the Bittensor ecosystem, the BitMind Subnet.
Bittensor, a decentralized AI project, has seen its TAO token rise by 41% in the past day. This recovery comes after a period of losses experienced when the global cryptocurrency market witnessed over $1 billion in liquidations.
At the time of the report, TAO’s price had increased by 49% to $254. This represents a 15% gain compared to the same period last month, according to data from CoinGecko.
TAO’s Performance
The digital asset has a daily trading volume of $203 million and a market cap of $1.8 trillion. This achievement has made TAO the best-performing asset in the top 100 on CoinGecko. It surpassed Akash Network, a decentralized, open-source cloud computing marketplace, which also surged 41% in the last 24 hours.
This recent surge in TAO’s value followed an announcement by decentralized AI platform Bitmind on Aug. 6. The announcement was about the launch of the BitMind Subnet, a new part of the Bittensor ecosystem focusing on detecting and mitigating deepfakes.
BitMind Subnet and Other AI Tokens
The BitMind Subnet effectively differentiates between genuine and synthetic content. It offers transparent, publicly accessible results and uses an open-source subnet architecture.
The rise in TAO’s value coincides with a surge in other AI tokens. Notably, Render (RNDR) and Artificial Superintelligence Alliance token (FET) also jumped 28.8% and 13.6% respectively.
The recent surge in AI tokens also follows a 9% increase in the global crypto market, now valued at $1.98 trillion.
Bitcoin (BTC), the leading cryptocurrency, is also performing well, up 7.6% in the last 24 hours and trading at $55,694. Ethereum (ETH), the largest altcoin, was also up 10%, trading at $2,506 according to data from CoinGecko.
