The price of Bittensor (TAO) has been steadily increasing over the past week, with its current value sitting above $340. This surge in price is not just a short-term trend, as data from CoinGlass shows that open interest in TAO futures has reached an all-time high of $554.98 million on March 26.
Furthermore, the funding rate for TAO has flipped positive, with longs now paying shorts at a rate of 0.008%. Historically, similar changes in funding rates have preceded significant price increases in TAO.
In addition to these technical indicators, the current geopolitical climate is also contributing to the rise in TAO's price. The announcement of a US-Iran ceasefire has eased tensions and led to an increase in risk-taking across the crypto market.