Bittensor emerges as top gainer with rising development activity

Bittensor (TAO) has emerged as the top gainer among the top 100 cryptocurrencies as the platform’s development activity hikes. 

TAO is up by 18% in the past 24 hours and is trading at $260 at the time of writing. The asset’s market cap surged to $1.59 billion, making it the 50th-largest crypto in the market. Bittensor’s daily trading volume, however, is much lower compared to its market value — currently hovering around the $11 million mark. 

Last month, TAO reached an all-time high of $392 as the leading five AI tokens recorded massive rallies in 2023.

According to data provided by Santiment, TAO’s development activity increased by 37% over the past day. The surge comes for the first time since Dec. 22, 2023, when the asset was trading at around $300.

Data shows that Bittensor’s social activity has also heightened with the price surge. Per Santiment, the social volume of the asset recorded a 67% rally in the past 24 hours. 

On the other hand, the TAO Relative Strength Index (RSI) suggests increased heat around the asset. According to the market intelligence platform, Bittensor’s RSI rose from 36 to 50 over the past day.

While the indicator is still below the crucial 60 mark, the RSI still suggests the possibility of a price cooldown due to its sudden rise.