Bittensor’s native token, TAO, experienced an impressive surge, rising over 15% in the last 24 hours as investors navigated market uncertainty due to the U.S. Federal Reserve's recent interest rate decision.
Notable 24-Hour Increase
Within the past 24 hours, Bittensor (TAO) surged dramatically, pumping with current price $414. This represents a gain of approximately 42% within a week. The increased interest in TAO led to a 64% spike in trading volume, with over $118.25 million worth of tokens traded across DeFi wallets. This activity pushed the token’s market cap to $2.397 billion.
Long-Term Growth and Market Performance
In addition to its 24-hour surge, Bittensor's native token has seen consistent long-term growth. Over the past week and month, TAO recorded a 16% increase, and over the last year, the token’s value has skyrocketed by 487%. Despite this strong performance, TAO still remains 57% below its all-time high of $767.68, which was reached just five months ago.
Impact of Federal Reserve's Rate Cut
The recent price surge of TAO coincided with the U.S. Federal Reserve's anticipated interest rate cut. Investors had been on edge as they awaited the outcome of the Federal Open Market Committee (FOMC) meeting, where the decision to reduce the rate by 50 basis points was made. This rate cut is currently shaking both the equity and crypto markets, yet Bittensor’s TAO has demonstrated resilience.
The combination of ecosystem developments and strong community support continues to boost Bittensor's performance, positioning TAO as a promising asset despite broader market volatility.
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