The post Bittensor tops crypto charts as AI tokens ride Nvidia wave appeared on BitcoinEthereumNews.com.

Decentralized AI project Bittensor skyrocketed to the top of the weekly gainers’ list, riding the wave of Nvidia’s stock surge. Bittensor (TAO) topped the charts this week as the biggest gainer among the top 100 cryptocurrencies with a solid 31% price jump. At the time of writing, TAO ranked 41st by market cap which stood at over $2.51 billion, with its price up 8.87% in the last 24 hours, trading at $313.59. TAO’s recent climb can be credited to Nvidia Corp’s stock rallying 13.5%, closing at $119.08 on Sept. 13. This surge pushed Nvidia’s market cap to a whopping $2.92 trillion, according to MarketWatch. With Nvidia stocks up 140.5% so far this year, the momentum has lifted TAO and other AI-focused cryptocurrencies along with it, pushing the AI-crypto market cap up by 0.8% in the last 24 hours. According to CoinGecko, the total market cap for AI tokens now stands at $23.9 billion. AI tokens typically move in tandem with Nvidia’s stock. On Sept. 4, tokens like Artificial Superintelligence Alliance (FET) and Render (RNDR) fronted double-digit losses after a 9.5% dip in Nvidia’s stock. Back in February, these tokens rallied after Nvidia’s strong Q4 2023 earnings, and a similar buzz also built up ahead of its Q2 2024 report. TAO primed for liftoff TAO 1D price, MACD, and RSI chart – Sep. 14 | Source: crypto.news The 1D TAO/USD price chart from Sep. 14, signals a strong bullish trend, suggesting a potential for upward movement.  The Moving Average Convergence Divergence has crossed above its signal line, and displaying longer green bars on the histogram, both positive signs for upward momentum. Moreover, the Relative Strength Index currently stands at 59, indicating the asset is in a healthy trading zone, still far away from overbought levels.  This provides room for potential growth…

---

Filed under: News - @ September 14, 2024 3:29 pm