Bittensor’s TAO rises 5.7% to overtake ICP in AI coin market

Bittensor (CRYPTO:TAO), a decentralised blockchain network focused on artificial intelligence (AI), has surpassed Internet Computer (CRYPTO:ICP) to become the second-largest AI-focused cryptocurrency by market cap.

TAO’s 5.7% price increase in the last 24 hours pushed its market valuation to $4.436 billion, edging out ICP, which sits at $4.364 billion.

Over the past month, TAO has seen significant growth, rising by 109.6% against the U.S. dollar.

Bittensor aims to democratise AI development by creating a global marketplace for AI and machine learning models.

According to the platform’s whitepaper, it promotes open collaboration and peer-to-peer sharing of AI models, providing an alternative to corporate-controlled AI systems.

The native token, TAO, powers the Bittensor network, serving multiple purposes including rewards, staking, governance, and transaction fees.

TAO has a fixed supply of 21 million tokens, with its emission model closely following Bitcoin's.

Miners and validators on the Bittensor network earn TAO for their contributions, while token holders can participate in governance and delegate their tokens for additional rewards.

The token’s recent rise in value has fueled interest in its potential as a decentralised AI solution.

Despite the recent gains, TAO is still 21.8% below its all-time high of $757, which it reached in March 2024.

However, its current price of $540 to $604 per token represents a significant increase from its all-time low of $30.83 in mid-May 2023.

Since then, TAO has surged by 1,820%, making it a notable player in the AI cryptocurrency market.

Bittensor’s rapid growth highlights the growing interest in decentralised AI and its potential to disrupt the industry by providing more open, collaborative opportunities for AI model development and trading.

As the market continues to shift, Bittensor’s position as a leading AI-focused cryptocurrency is expected to strengthen further.

At the time of writing, the Bittensor price was $584.43, while the Internet Computer price was $9.10.