Bittensor leads as top performer with increasing development efforts

Bittensor (TAO) has emerged as the standout performer among the top 100 cryptocurrencies as its development activity surges.
TAO has experienced an 18% increase in the last 24 hours and is currently trading at $260. With a market cap of $1.59 billion, it now ranks as the 50th largest crypto in the market. Despite this, Bittensor’s daily trading volume remains relatively low compared to its market value, sitting at around $11 million.
Last month, TAO reached an all-time high of $392 as the top five AI tokens saw significant gains in 2023.
Data from Santiment shows that TAO’s development activity has risen by 37% in the past day, marking the first increase since December 22, 2023, when the asset was valued at approximately $300.
Additionally, Bittensor’s social activity has also seen an uptick alongside the price surge. According to Santiment, the social volume of the asset has increased by 67% in the last 24 hours.
On the other hand, the TAO Relative Strength Index (RSI) indicates increased activity around the asset. The RSI for Bittensor has risen from 36 to 50 over the past day, suggesting a potential price cooldown following its rapid increase.
Although the RSI remains below the critical 60 mark, it still points to a possible price adjustment in the near future.
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