HOT NEW ALT on the block - TAO <(°--°,,)>
2024-10-08

TAO is a hot new altcoin 🔥 
 
If the market cap of TAO doubles, the price would increase to approximately $1,111. This puts us around opening prices, and at the top of the FIB retracement level.


TAO's market cap as of now is $4.10B, doubling would bring it to $8.2B. In comparison, Ethereum’s market cap is well over $290B and Cardano is just over $12B.

24-hour trading volume looks great - showing substantial liquidity and interest. A doubling in market cap is definitely possible, especially considering the niche market of AI and machine learning. The small supply is also a bonus (circulating supply of only 7.38 million tokens).

The broader cryptocurrency market, which often correlates with Bitcoin’s price movements, tends to grow in cycles. The global market cap of crypto grew from ~$200 billion in 2017 to over $2 trillion in 2021. TAO and similar niche tokens will naturally benefit from this cyclical growth, the market cap could expand significantly as before.

If Bittensor (TAO) succeeds in becoming a key player in decentralized AI, demand for the token could increase. TAO’s circulating supply is 7.38 million, which will likely not change drastically unless the project issues more tokens.

A reasonable 5-year target would be $2,200 to $2,500, assuming a strong project growth and NO release of additional coins. This is based on the idea that the market cap increases to $16.4B (4x)

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  BINANCE:TAOUSDT  