• Bittensor price has shot up nearly 20% in the last nine hours.
  • This sudden burst of optimism could be attributed to the upcoming NVIDIA Corp’s earnings on February 21.
  • Other AI-related tokens that have seen a decent run-up include TOKEN, RNDR and AGIX. 

Bittensor (TAO) price has risen nearly 20% in under ten hours, setting up a local top at $515.59. The explosive move is not localized to TAO but also to other artificial intelligence-related tokens like TokenFi (TOKEN) and SingularityNET (AGIX), which have inflated by 11.40% and 7.50%, respectively. 

TAO/USDT 1-hour chart

TAO/USDT 1-hour chart

Read more: Week Ahead: Crypto markets to turn volatile as AI steals the spotlight

Reason behind Bittensor price rally

Bittensor price performance is linked to NVIDIA Corp’s earnings report scheduled for February 21. As explained in a previous publication, the American multinational technology company specializes in the manufacture of Graphical Processing Units (GPU), which are key to the Artificial Intelligence (AI) sector.

A similar narrative-based rally was noted by AI altcoins during NVIDIA Corp’s earnings in November 2023. Altcoins that did well during the November 2023 rally included RNDR, FET, AGIX and so on. 

Due to the fast-paced nature of cryptocurrencies, the coins that are rallying in anticipation of NVIDIA’s earnings are new ones.

Also read: Render Price Prediction: RNDR bulls prepare to revisit $5.27

Other AI tokens: 

  • Render (RNDR)
  • Akash Network (AKT)
  • Fetch.ai (FET)
  • Echelon Prime (PRIME)
  • Ocean Protocol (OCEAN)
  • iExec RLC (RLC)

Also read: Fetch.ai price faces tough decision, 23% rally or crash for FET holders?


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.

More Ripple News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

More Cryptocurrencies News

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP