Bitcoin's $97k surge propels Bittensor and Theta Network prices

Bittensor and Theta have also recorded double-digit gains in the past 24 hours, hitting levels that bulls could strengthen at to add to the upside momentum.

Meanwhile, the global crypto market cap has jumped 2% to $3.37 trillion, benefitting from Bitcoin’s spike above $97,000.

Among the top cryptocurrencies by market cap, Algorand, XRP and Stellar have recorded the most 24-hour gains.

Bitcoin price: Analysts share short term predictions

Bittensor (TAO) and Theta Network (THETA) are some of the top cryptocurrencies by market cap seeing a decent surge in the past 24 hours.

This comes as the price of Bitcoin (BTC), which fell below $91k earlier in the week, regained the upward momentum to cross above $97k on November 29.

Analysts see BTC getting to a new all-time high above the coveted $100k mark. Notably, the Bitcoin Fear & Greed index reads “extreme greed” with BTC above $97k.

According to crypto analyst Ali, some kind of Thanksgiving rally could push BTC to $99k and the potential breakout above the psychological level of $100,000.

Theta Network (THETA) price

Theta Network is rapidly becoming one of the leading decentralized cloud infrastructure providers for artificial intelligence, media and entertainment.

Over the past months, the project’s infrastructure has seen notable adoption, with partnerships for its EdgeCloud AI growing.

Amid this trajectory has been the steady surge in the price of THETA.

In the past 24 hours, the token has gained 14% and traded 32% and 87% up in the past week and 30 days respectively.

THETA price hovered at $2.23 at the time of writing – the token’s highest level since June.

Bittensor (TAO) price

Bittensor price was up 11% after a breakout from below $550.

The AI related coin reached highs of $639 and could target the all-time high of $767 hit in April 2024.

In case of a pullback, TAO has a robust support zone near $500.

Crypto analysts say the bullish momentum witnessed in AI tokens may help Bittensor, the top coin by market cap in the sector, to a new ATH.

“TAO is the AI market leader, and if it performs well, the entire sector is set to benefit,” Miles Deutscher noted on X.

Positive crypto market sentiment

Gains for Bitcoin and the broader market comes as Russian President Vladimir Putin signed a law recognizing Bitcoin as property.

Russia now officially identifies BTC as a property, a development that reflects the growing trend of governments around the world warming up to the asset.

While Russia has now tightened its grip on digital assets and related activities, Putin’s move is a major signal that BTC and crypto could play a huge role in the country’s economic strategy.

The US has in recent months looked to take a proactive approach in supporting crypto and blockchain innovation.

President-elect Donald Trump’s pro-crypto stance is among the key pointers to this effec