- Bittensor Price Forecast: (TAO) Continues Gains as AI-Backed Cryptocurrency Sector Recovers:
Bittensor (TAO) is trading above $210 at the time of writing this report on Thursday, reflecting broader cryptocurrency market stability amid tensions between the United States and Iran.
Most tokens in the artificial intelligence cryptocurrency sector (AI) are maintaining stability, while some, such as UnifAI Network (UAI) and Templar (SN3), have recorded double-digit gains over the past 24 hours.
The total market capitalization of the sector has increased slightly to $14.4 billion during the same period, with TAO, the largest digital asset, representing approximately $2 billion.
Market Capitalization of AI-Backed Cryptocurrencies | Source: CoinGecko
- Retail Demand Returns as Bittensor Gains Momentum
Individual investor interest in Bittensor stabilized this week, with futures open interest volume rising to $190 billion on Thursday, compared to $186 million the day before. Looking back, average open interest volume reached $160 million on Monday, confirming the importance of retail investor demand in maintaining momentum.
Bittensor Futures Open Interest Trading Data | Source: CoinGlass
Despite the price increase from the weekly opening level of $181, traders are increasingly taking short positions, as evidenced by the weighted funding rate based on open positions, which averages -0.0084%. CoinGlass data indicates that this indicator has remained negative since Tuesday. Maintaining the upward trend could become challenging if market sentiment continues to lag behind price increases.
Weighted Funding Rate Information $TAO Bittensor OI | Source: CoinGlass