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Bittensor, an AI-focused cryptocurrency, is up about 15% for the year and remains the top AI token by market capitalization. However, it has recently suffered a sharp decline, losing nearly 20% of its value in a single 24-hour period as investors questioned a key part of its AI narrative. The contrast with Bitcoin is stark: Bitcoin is down about 15% for the year, while Bittensor is up about 15%—but their near-term trajectories have diverged.
Even after its pullback, Bittensor still ranks as the top AI crypto by market cap. It is currently valued at about $2.7 billion, ahead of the next-closest AI crypto, Render, at roughly $1 billion.
Bittensor’s gains this year were driven largely by growing attention around new decentralized AI projects running on its blockchain. The underlying thesis is that open-source, decentralized AI initiatives are beginning to approach the capabilities of proprietary, centralized AI systems developed by major technology companies.
Bittensor’s “crown jewel” has been Covenant AI, which recently achieved a breakthrough success on the Bittensor network and drew attention from Nvidia CEO Jensen Huang. However, Covenant AI says it is leaving the Bittensor network entirely, citing concerns about centralization.
According to Covenant AI, Bittensor is “centralization with the marketing of decentralization.” The statement appears to have spooked investors, who began selling Bittensor quickly. The article notes that the price fell sharply in early April, reflecting the sudden shift in sentiment.
The episode highlights the volatility of short-term, momentum-based investing in cryptocurrencies—especially those with smaller market caps—where prices can move sharply in a short time and leave investors exposed.
The article also points to how narrative-driven AI crypto markets can change quickly. It cites the “GPU compute” narrative that helped Render surge in 2023 and 2024, followed by a decline in value when that narrative later weakened.
While Bitcoin remains risky, the article emphasizes its resilience over time. In its 16-year history, Bitcoin has experienced multiple major drawdowns of 75% or higher and has rebounded after each one.
The article concludes that, despite Bittensor’s stronger year-to-date performance, Bitcoin is the preferred holding for the long run. It argues that Bittensor may continue to outperform in the short term, but Bitcoin is the cryptocurrency it says investors should hold in their portfolios over a longer horizon.
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