TAO (Bittensor) down 2.22% in the last 24 hours

Gate News Bot Message, November 12th, according to CoinMarketCap data, TAO (Bittensor) is currently priced at $366.54, down 2.22% in the past 24 hours. The highest price reached $415.92, and the lowest dropped to $351.08. The 24-hour trading volume is $230 million. The current market capitalization is approximately $3.771 billion, a decrease of about $85.66 million from yesterday. TAO is currently ranked 32nd in the global cryptocurrency market cap.

Recent important news about TAO:

1️⃣ Institutional Investor Confidence Boost Nasdaq-listed company TAO Synergies has increased its holdings by $10 million worth of TAO tokens as financial reserves, demonstrating recognition from traditional financial institutions for the TAO project. This move is expected to enhance TAO’s standing among institutional investors and potentially support future price movements.

2️⃣ Price Breaks Important Psychological Level TAO’s price has recently surged strongly, temporarily breaking the important psychological level of $510. Although it has pulled back slightly, this breakout reflects positive market expectations for TAO. Analysts believe that if the upward momentum continues, TAO could challenge higher price levels.

3️⃣ Long-term Development Outlook Optimistic Some cryptocurrency analysts are optimistic about TAO’s long-term development, believing it has significant potential in artificial intelligence and decentralized computing. While a trillion-dollar market cap prediction may be overly optimistic, it reflects high market expectations for TAO’s future applications.

From a technical perspective, TAO has shown a strong upward trend recently, breaking through multiple key resistance levels. However, the current price pullback also indicates that the market may experience short-term corrections, and investors should be cautious of potential retracement risks.

This message does not constitute investment advice. Please be aware of market volatility risks when investing.