Bittensor's native token TAO surged past $285 on October 16, posting double-digit daily gains as the broader cryptocurrency market rebounded. Bitcoin reclaimed $82,000 while Ethereum recovered to around $2,450, creating tailwinds for altcoins.
The price movement was supported by a direct catalyst from Bittensor's ecosystem. The team announced the release of Null Consensus, a major protocol update that expands subnet capacity from 256 to 2,500 participants. The upgrade introduces a new method for determining miner rewards as an alternative to the existing Yuma Consensus mechanism.
The update also adds optional proof-of-work registration, allowing miners to join subnets through computational challenges instead of paying TAO upfront. According to the announcement, this change "opens the door for more miners, including autonomous AI agents, to join Bittensor using compute alone."
TAO's recent performance has attracted attention from cryptocurrency analysts. Some have identified bullish technical structures on the chart, while others have offered price targets. One analyst envisioned potential appreciation toward $350-$400 by year-end, and another noted that the token has consolidated within a wide range since summer 2024 that could precede significant expansion if macro support levels hold.
More speculative predictions have also emerged. One forecast suggested TAO's market capitalization could exceed $1 trillion by 2030, though the token's current market cap of approximately $3.3 billion would require substantial growth to reach that level.
