Decentralized AI project Bittensor TAO gains 41% in the past day recovering from the losses experienced yesterday when the global crypto market saw over $1 billion in liquidations.
At the time of writing, Bittensor’s (TAO) price has climbed 49% to $254, marking a 15% gain compared to this time last month, according to CoinGecko data.
TAO 24-hour price chart | Source: CoinGecko
The crypto asset has a daily trading volume of $203 million, while its market cap stood at $1.8 trillion. The latest feat makes TAO the best-performing asset in the top 100 on CoinGecko, surpassing decentralized, open-source cloud computing marketplace Akash Network (AKT), which has also surged 41% in the last 24 hours.
The latest surge in TAO follows an X announcement from decentralized AI platform Bitmind on Aug. 6 about the launch of the BitMind Subnet, a new component of the Bittensor ecosystem focused on detecting and mitigating deepfakes.
This one is for you #aidevelopers!
We just made a comprehensive guide teaching you how to start #mining on the BitMind subnet on RunPod.
Link: https://t.co/VNdgvtEOVv
P.S. You can also earn rewards for creating a #deepfakedetection model on @opentensor. Reach out for more info
— Bitmind (@BitMindAI) August 5, 2024
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It effectively differentiates between authentic and synthetic content, offering transparent, publicly accessible results and utilizing an open-source subnet architecture.
The surge in TAO also comes at a time when other AI tokens have also surged over the past day. Notably, Render (RNDR) and Artificial Superintelligence Alliance token (FET) also jumped 28.8% and 13.6% respectively.
Meanwhile, the latest surge in AI tokens also follows a surge of 9% in the global crypto market now standing at $1.98 trillion.
Bitcoin (BTC), the leading cryptocurrency, is also in the green, up 7.6% in the last 24 hours and exchanging hands at $55,694. Ethereum (ETH), the largest altcoin, was also up 10%, trading at $2,506 per price data from CoinGecko.
Read more: Crypto liquidations surpass $1b amid market-wide turbulence
