- Grayscale recently announced the inclusion of Bittensor [TAO] and Sui [SUI] to its array of crypto products.
- The move is aimed at expanding Grayscale’s exposure to decentralized AI and smart contract platforms.
- Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale, emphasized how Bittensor is central to the growth of decentralized AI and Sui is redefining the smart contract blockchain landscape.
Discover the latest additions to Grayscale’s crypto offerings: Bittensor and Sui. Explore their potential impact on decentralized AI and smart contract platforms.
Grayscale’s Strategic Expansion: Introduction of Bittensor (TAO) and Sui (SUI)
Grayscale has strategically decided to include Bittensor [TAO] and Sui [SUI] in its portfolio, a move to deepen its investments in decentralized AI and smart contract platforms. This expansion marks a significant step in Grayscale’s endeavor to diversify its crypto asset trusts, bringing the total number to 16.
Bittensor (TAO): Riding the Wave of Decentralized AI
Bittensor [TAO] has gained considerable traction following its inclusion in Grayscale’s product suite. Seen as a frontrunner in decentralized AI, TAO has experienced substantial price movement. At the time of writing, TAO has surged over 60% since Monday, trading at $273. Market analysts suggest that a successful move above the 50% Fibonacci level could propel the token to $320 or even $350. This would translate to a potential gain of around 35%.
Sui (SUI): A Promising Smart Contract Blockchain
The Sui [SUI] team has also welcomed the addition to Grayscale’s offerings. Despite facing a downtrend on price charts, Sui has shown remarkable network growth, with significant transaction counts. Recently, Sui recorded the second-highest transaction count after Solana, reaching 242 million in July. However, the altcoin’s performance has been less impressive, trading at $0.64 with a 4.5% daily gain at press time. Future price movements largely depend on the broader market trends, particularly Bitcoin’s performance.
Market Reactions and Expert Insights
Market observers have expressed varied opinions regarding the impact of Grayscale’s update on TAO and SUI prices. While TAO appears to benefit more from the decentralized AI narrative, SUI’s potential remains closely tied to broader market recoveries. Speculations around TAO’s price potentially reaching $1.5k by year-end are contingent on Bitcoin surpassing $100k, a scenario seen by some experts as a bullish indicator for the overall crypto market.
Conclusion
Grayscale’s addition of Bittensor [TAO] and Sui [SUI] marks a significant milestone in the company’s strategic expansion into decentralized AI and smart contract platforms. While TAO shows promise thanks to its strong price movements and market optimism, SUI’s future largely hinges on broader market conditions. This development underscores the dynamic and rapidly evolving nature of the crypto market, hinting at exciting times ahead for investors and stakeholders.
