The State of the Market

Total Crypto Market Cap: up 5.8% this week to $2.32T
Total AI Sector Market Cap: up 12.7% this week to $27.2B

This week has been an absolute face melter in the crypto markets, with the entire market flipping green across the board and the AI sector in particular moving up strongly.

One of the key drivers of this newfound bullish sentiment was the US Federal Reserve officially kicking off a new easing cycle with with a 50bps cut, exceeding the expected 25bps cut. Historically, a cut of this magnitude has often led to a bearish reaction from the markets as it is usually interpreted as a last ditch attempt to save the US economy from recession, but given a cut was already priced in, the larger cut appears to have lifted investor sentiment.

While the AI sector as a whole has significantly outperformed the overall market, the real driver of this outperformance is Bittensor. Up over 40% just this week, this token has been absolutely charging after breaking out of a price range that it was in for the past few months.

On X, we’re seeing the Bittensor community rallying hard around the strength and vocal supporters are flooding the timeline. In the past week, we have seen several notable supporters appear on the timeline to push τ — including DCG’s Barry Silbert and Ethereum founder Vitalik Buterin.

Elon Musk was even caught liking a tweet about Bittensor 👀

What comes next is anyone’s guess…

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