TLDR
- Bittensor (TAO) surged more than 56% over a seven-day period, reaching an intraday peak of $293.8
- The token has gained 46% throughout March after being added to the Upbit platform
- On March 14, Grayscale’s Bittensor trust achieved SEC-reporting status
- Bittensor revealed plans to deploy “Covenant-72B,” a 72-billion-parameter artificial intelligence model
- Tokens from various subnets in the ecosystem experienced significant gains, with τemplar jumping 194% in one week
Bittensor (TAO) has experienced an exceptional rally during the past week. The cryptocurrency jumped over 56% across seven trading days and reached a fresh peak of $293.8 on March 16.
TAO began the week under $175. The asset is currently changing hands near $275, commanding a market capitalization of approximately $2.6 billion.
This upward momentum extends beyond general market trends. Multiple project-specific announcements related to Bittensor seem to be fueling the impressive price performance.
Grayscale’s Bittensor trust achieved SEC-reporting status on March 14. This designation requires the fund to submit regular filings with the United States Securities and Exchange Commission, a move that typically generates increased interest among institutional market participants.
This development demonstrates a degree of regulatory adherence that remains uncommon among cryptocurrency initiatives. For certain market participants, this status diminishes the perception of investment risk.
Covenant-72B Model Launch
The primary driver emerged on March 15. Bittensor revealed the forthcoming deployment of the Covenant-72B model — a 72-billion-parameter artificial intelligence framework designed to operate within the Bittensor infrastructure.
This advancement places Bittensor in an elevated competitive position. Instead of merely facilitating AI operations from third-party developers, the network now features a substantial AI model operating natively on its blockchain.
Market participants have responded enthusiastically, interpreting this development as evidence that Bittensor is constructing a more comprehensive AI ecosystem.
Major holders increased their stakes during this period, coinciding with broader renewed enthusiasm for AI-focused digital assets.
Subnet Tokens Surge
Bittensor’s subnet infrastructure also experienced remarkable appreciation. Individual subnets represent distinct AI marketplaces within the Bittensor ecosystem. Following the Dynamic TAO (dTAO) upgrade implementation, every subnet now operates with its dedicated token.
τemplar dominated the gains with a 194% increase over seven days, currently valued at $19.3. TARGON climbed 60.3% to reach $13.25. Chutes appreciated 40.1% to $25.1, while Affine advanced 42.7% to $21.3.
These subnets operate as autonomous AI marketplaces, each specializing in distinct categories of artificial intelligence applications.
TAO received a listing on Upbit, a prominent South Korean cryptocurrency exchange, during late February. This addition provided access to a substantial new demographic of retail traders.
As of March 16, TAO established a new intraday record at $293.8, representing more than 46% growth since the beginning of March.
