Thanks for the mention- Crypto Markets News.
Why Did Kyber Rally When Most Other Cryptocurrencies are in the Red?
Most cryptocurrencies are in the red today and are reporting minor losses. The majority have lost minor amounts which is on average less than 1%. This includes Bitcoin (BTC) which lost 0.46%, Ethereum (ETH) which took a larger hit at 0.94% and XRP which slid by 0.38%.
There were a few that managed to make some gains, such as Bitcoin Cash (BCH) which gained 1.10%. Others include Bitcoin SV (BSV) which grew by 6%, but today’s biggest surprise was Kyber (KNC). The Kyber Network rallied by 32% in the past 24 hours and is currently trading at $0.780758. This is the highest price Kyber has seen since mid-2018.
Kyber is part of Ethereum’s DeFi ecosystem and is a DEX of sorts that allows easy token ERC-20 swaps.
Kyber’s Volume Causing Rally?
Earlier today Kyber released a few tweets that might have strengthened the rally we’ve seen today. The timing of the first tweet is marked approximately by the red X and referred to Kyber’s volume as a DEX. It was originally tweeted by blockchain advisor Anndy Lian and was immediately retweeted by the Kyber Network.
Amazed by the volume #DEX are doing in the last 29 days:@KyberNetwork at $138m@uniswapexchange at $132m@oasisdex close to $100m https://twitter.com/DexWars/status/1233729927603724293 …
DEX 24 Hour Volume Bot@DexWars
#Ethereum #DEX Volumes February 2020
1) @KyberNetwork – $138,191,045
2) @UniswapExchange – $132,370,243
3) @OasisDex – $99,743,278
4) @tokenlon (0x) – $32,741,114
5) @idexio – $22,311,156
6) @Bancor – $7,661,174
7) @airswap – $7,537,603
*will cover 0x API & RR March onwards
A few hours later Kyber tweeted regarding their pretty large volume. They tweeted that Kyber has facilitated $138 million in value in on-chain trades in February. This is Kyber’s all-time-high of activity and could be one of the reasons for its rally. Another possible reason is anticipation for Kyber’s Katalist upgrade which is due to release in 2020 and which contains many improvements to the network.
Kyber’s rise seems to be a sign that while Bitcoin seems a bit stuck in its tracks for now, Altseason seems to still be going strong.
by Jonathan Ganor
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.