Are you wondering what’s behind the recent 21% surge in the AI Crypto Market Cap? The answer lies in the impressive performance of TAO, the core cryptocurrency of the Bittensor protocol. This mid-cap crypto has been creating waves in the community, with discussions about potential TAO airdrops adding fuel to the fire as AI cryptos begin to soar once more.
TAO Takes the Lead in AI Crypto Market Cap
On January 25, 2024, TAO outshone all other major AI coins, witnessing a 21% spike in price within a single day. This surge pushed the price to a local high of over $370, inching closer to its all-time high of over $394 recorded on December 14. With this leap, TAO’s aggregated capitalization crossed the $2.1 billion mark, making it the largest AI cryptocurrency on CoinGecko.
Its nearest competitor, Render Network (RNDR), lags behind with a market cap that’s more than 30% lower. By the end of the day, TAO’s price had stabilized around $345 on most major spot exchanges. Meanwhile, TAO’s market trading volume rose by 62%, surpassing $21 million, with MEXC, KuCoin, and Gate.io accounting for 90% of the trading volume.
AI Cryptocurrency Segment Witnesses Overnight Growth
The AI cryptocurrency segment saw its capitalization increase by 8.7% overnight. However, this growth was primarily driven by low-cap cryptos. While the leaders of the segment – Fetch.AI (FET), Akash Network (AKT), and Singularity.NET (AGIX) – experienced a downturn, InSure DeFi (SURE) and Aleph.im (ALEPH) both saw over 50% growth in a single day.
Beware of TAO Airdrop Scams
The spike in price and trading volume for TAO might be linked to rumors about a potential TAO airdrop. However, the Bittensor team has not confirmed any plans for such a distribution of tokens. Crypto enthusiasts should therefore exercise caution, as numerous websites and social media accounts are promoting potentially fraudulent TAO airdrop opportunities, possibly aiming to phish for wallet details and steal funds.
In the last 24 hours, the net capitalization of crypto markets has increased by 0.3%. To keep track of these rapid changes and stay informed about the latest trends in the crypto world, consider using tools like cryptoview.io. This platform provides a comprehensive view of the market, helping you make informed decisions about your crypto investments.
