The blockchain ecosystem has evolved significantly in the last decade, as the capabilities of smart contracts have made the industry go from being a simple medium of exchange to a living ecosystem full of decentralized finance protocols (DeFi) and tokens Non-fungibles (NFT).
A project that has benefited from the enhanced capabilities of blockchain technology and the recent launch of smart contracts at Cardano is COTI (COTI) , an enterprise-grade fintech platform focused on helping organizations create their own payment solutions and digitize any type of currency to facilitate decentralized payments.
Data from Cointelegraph Markets Pro and TradingView show that, since hitting a low of $ 0.0884 on July 20, COTI’s price has risen 652% to hit a new all-time high of $ 0.6665 on September 25, when its 24-hour trading volume soared to a record high. of USD 917 million.
Among the three reasons that explain the constant rebound of COTI are the launch of the Djed stablecoin on the Cardano network, a series of exchange inclusions and the launch of COTI’s NFT game, which appears to be attracting new users to its ecosystem.
COTI launches a stablecoin on Cardano
COTI recently announced that its platform would be the official stablecoin issuer Djed on the Cardano network and the price continued its upward movement after the news was released.
Stablecoins have emerged as one of the key components of the cryptocurrency ecosystem in general and for decentralized finance in particular, because they provide sufficient liquidity to the market and create a safe haven in times of high volatility.
Aside from its applications for DeFi, Djed can also be used to pay transaction fees on the Cardano network as a way to help avoid high transaction fees. gas and make the transaction cost more predictable.
New exchange listings drive trade volume
A second factor Behind COTI’s price appreciation is the token’s listing on several major exchanges, including Coinbase, the largest exchange by volume in the United States.
East The announcement kicked off a series of listings for COTI, including its arrival on Huobi, Crypto.com, the decentralized exchange 1inch and Celsius, which is an all-in-one platform for banking and financial services.
Along with these important announcements, the COTI team also revealed that it has started the process of inviting beta testers to apply for the bank account and the COTI debit card to perform the final tests before the full launch of the protocol banking solution.
NFT Opportunities encourages investors to HODL
A third factor that helped drive value and activity within the COTI ecosystem is the ongoing NFT activities of the project, including the COTI NFT game and the network’s future plan to add support to Cardano’s native NFTs.
NFTs have been one of the busiest sectors in the crypto ecosystem throughout 2021 and the protocols that offer an environment of rates plus Casualties have seen increased activity in recent months.
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for COTI on September 21, ahead of the recent price spike.
The VORTECS ™ score, exclusive from Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements, and Twitter activity.
As can be seen in the graph above, COTI’s VORTECS ™ score rose to the green zone on September 21 and reached a high of 77 around ten hours before the price increased 135% in the next five .
The views and opinions expressed here are solely those of the author and do not necessarily reflect those insights from Cointelegraph.com. Each investment and commercial movement involves risks, you must carry out your own research when making a decision.
Keep reading:
- Cardano’s Alonzo update was a success, but the utility actual could take time to arrive
- The price of LCX soars more than 400% after the launch of its DeFi Terminal 2.0
- Adapt or die: Payment giants partner with cryptocurrency companies to ensure security
- Cosmos (ATOM) rebounds after launching a cross-chain bridge and wrapped Bitcoin
- The price of Stacks (STX) soars 195% after revealing its plans to carry DeFi to Bitcoin
- Record on-chain activity and renewed interest in NFTs are some of the reasons behind the WAX rally
- Bears apply pressure as Bitcoin price returns to the dangerous zone of $ 41,000
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