Bittensor gained 106.8% in the last 30 days. TAO has surged 181% from its September low, increasing its market value to more than $4.79 billion. At press time, the altcoin was trading at $649.

TAO’s rise is partly due to Nvidia Corp’s stock rising 15.4% in the past 30 days. Shares closed at $134.80 on October 13, pushing Nvidia’s market value to $3.31 trillion.

Nvidia stock is up 179.8% this year, and that momentum has also pushed TAO and other AI-focused cryptocurrencies higher. In the last 24 hours, AI-crypto market cap increased by 1.6%. According to CoinGecko, the total market cap of AI tokens currently stands at $29.8 billion.

Institutional interest also played a significant role in TAO’s rise. Leading digital asset manager Grayscale has raised $4.9 million in assets under management by introducing a Bittensor-focused fund.

Grayscale’s increase of Bittensor allocation in its AI fund from 2% to 31% increased investor confidence, leading to greater adoption and investment in TAO.

Bittensor’s demand on the futures market also rose, reaching a record high of $220 million on October 14. This is a significant increase from the low of $46.8 million in September. This increase in open interest is a sign of increasing demand among traders and investors.

On-chain metrics show that the Bittensor network is also experiencing an increase. Active accounts increased to 134,000 from 127,000 at the end of September, and the total number of TAO tokens staked by holders exceeded 5.9 million.

According to some analysts, TAO’s rise is expected to continue. An analyst on the X platform stated that the short-term target for the token is $1,000 and the medium-term target is $3,330, pointing to strong technical indicators.

Meanwhile, trading pseudonymously, XO observed that TAO is trading in an upward channel and if it continues on this path, there could be a breakout of the $768 – $780 resistance zone.

However, the analyst warned that the mid-level of $650 acts as an important support, and if the price falls below this level, the bullish view will be invalidated.

On the 1-day price chart, TAO is currently positioned above the 50-day Moving Average, indicating a bullish trend and continuation of upward momentum.

The Relative Strength Index (RSI) remains stable above 60 despite pulling back from overbought levels, indicating that the bulls are still in control of the price action.

The RSI, currently at 65, signals that there is room for further gains in the short term before approaching the overbought zone; This could lead to a potential trend reversal.