AI Altcoins are on the Rise – What’s the Forecast for Bittensor (TAO) Coin Price?

From its humble beginnings in March of 2023, the Bittensor (TAO) coin price has climbed from a $30 valuation to an impressive all-time high of $698 as of February 16, 2024. Currently, the Bittensor market cap has reached a $4 billion milestone, cementing TAO’s place among the top 25 cryptocurrencies worldwide. 

Currently, TAO continues to figure out its support and resistance levels around the $650 benchmark, making tremendous progress toward breaking the $700 resistance point in the near future. As the Bittensor price continues to reach new and unprecedented peaks in recent months, we analyse the reasons behind its meteoric rise. 

Bittensor’s Unique Approach to Machine Learning

Bittensor swiftly climbed the ranks of top AI altcoins in 2023. In early 2024, Bittensor will confidently occupy one of the top spots in the newly formed AI altcoin market. To understand the reason behind the coin’s unlikely trajectory, we must analyse Bittensor’s mission and why it has made global rounds. 

The creators of Bittensor are proponents of AI and machine learning in the blockchain space. They created the Bittensor network to bring forward the most innovative algorithms and concepts in machine learning, motivating users to exchange ideas as actual assets inside and outside the Bittensor network. 

While TAO is the de facto currency of the Bittensor ecosystem, the real value lies in machine learning methodologies that can be embedded into the blockchain nodes. 

As a result, any user can upload their unique machine learning code, paradigms and frameworks onto the network, effectively turning their creation into tangible assets that can be exchanged or transferred to any parties. 

Consensus Algorithm and Tokenomics

Bittensor’s proof-of-intelligence consensus algorithm further emphasises the focus on machine learning, which rewards miners that provide problem-solving machine-learning models. 

The POI model is a middle-ground between the proof-of-work (PoW) and proof-of-stake (PoS) models that dominate the current market. However, miners must solve machine-learning tasks instead of solving complex math equations with precision and efficiency. 

So, all network participants are incentivised to work on the most accurate and creative machine learning models to receive TAO token rewards. The POI consensus algorithm has been recognised as one of the most innovative takes on the classic PoW model, indirectly raising the quality of machine learning algorithms created by users. 

Currently, Bittensor only has 6 million tokens in circulation, and most of these coins are staked within the network. The total supply is expected to amount to 21 million tokens. 

With such limited numbers, it’s easy to see how confident Bittensor is in its future potential and ability to maintain a hefty price for a single token. 

Bittensor’s Importance in Decentralised Machine Learning

The creative minds behind Bittensor have cultivated an optimal ecosystem for advancing the machine learning field. By giving users all the freedom and financial incentives to flex their AI capabilities, Bittensor could become the main hub for decentralised machine learning solutions. 

The synergy created between the blockchain methodology and AI tools has near-limitless potential, solving the problem of centralisation and excessive costs. 

AI model owners like Google and OpenAI have no effective means to integrate additional modules or frameworks into their ecosystems swiftly. 

With decentralised solutions, this will no longer be an issue. If these leading companies decide to adopt decentralised solutions, Bittensor is firmly among the leading candidates to become their provider. 

Moreover, with the emphasis on providing freedom for creators, Bittensor can act as a middleman between big corporations looking for new ideas and independent developers with all the answers. 

Bittensor Price Prediction in 2024

With such a unique core concept, the Bittensor crypto network has defied all the conventional progression patterns of other projects. Due to the focus on machine learning solutions, Bittensor and its token TAO are not dependent on the crypto market price action and bull runs. 

While the market volatility still tremendously impacts TAO, the project’s value and future prospects are simply too strong to keep the resistance levels below peak prices. 

As of February 2024, the Bittensor (TAO) price has experienced minor disturbances, failing to exceed the determined resistance level of $700. 

However, the coin swiftly recovered with support levels around the $620 valuation, signalling that a major price uptick can be expected in the coming weeks.  With the expected bull run earlier than estimated and Bitcoin finally breaking the $ 50,000 milestone again, high-value projects are forecasted to rise proportionally. 

So, TAO’s future roadmap and the intense focus on machine learning firmly put it among the best altcoins for the next bull run. If the project creators continue their diligent roadmap and follow their distribution plans without change, TAO could become one of the best cryptos for the 2024 investment landscape. 

It will be fascinating to see if Bittensor’s ambitions will come to fruition by the end of the calendar year.