Why REQ, MFT and KEY rallied over 20%

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Cryp­tocur­ren­cy bulls con­tin­ued to face stiff head­winds head­ed into the week of March 14 that began with a vote in Europe about whether to out­law proof-of-work cryp­tocur­ren­cies, which was ulti­mate­ly reject­ed

Despite these pres­sures, how­ev­er, sev­er­al cryp­tocur­ren­cy projects have man­aged to post gains in excess of 20% on March 14, thanks to new part­ner­ships and pro­to­col updates.

Top 7 coins with the high­est 24-hour price change. Source: Coin­tele­graph Mar­kets Pro

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView shows that the biggest gain­ers over the past 24-hours were Request Net­work (REQ), Hifi Finance (MFT) and Self­key (KEY).

Metaverse payments with Request Network

Request Net­work (REQ) is an Ethereum-based decen­tral­ized pay­ment sys­tem that allows users to cre­ate, share or ful­fill a request for pay­ment through secure chan­nels with­out the need for an intermediary.

VORTECS™ data from Coin­tele­graph Mar­kets Pro began to detect a bull­ish out­look for REQ on March 13, pri­or to the recent price rise. 

The VORTECS™ Score, exclu­sive to Coin­tele­graph, is an algo­rith­mic com­par­i­son of his­tor­i­cal and cur­rent mar­ket con­di­tions derived from a com­bi­na­tion of data points includ­ing mar­ket sen­ti­ment, trad­ing vol­ume, recent price move­ments and Twit­ter activity.

VORTECS™ Score (green) vs. REQ price. Source: Coin­tele­graph Mar­kets Pro

As seen in the chart above, the VORTECS™ Score for REQ began to pick up on March 13, around eight hours before the price increased 45% over the next day.

The increase in momen­tum for REQ comes fol­low­ing the addi­tion of sup­port for the Jarvis Network’s Euro sta­ble­coin (jEUR) to go along with the project’s ongo­ing push to become the go-to pay­ment provider for activ­i­ties in the evolv­ing Metaverse. 

Hifi Finance adds community governance

Hifi Finance is a decen­tral­ized lend­ing pro­to­col that allows cryp­to hold­ers to bor­row against the val­ue in their assets using bond-like instru­ments that rep­re­sent an on-chain oblig­a­tion that set­tles on a spec­i­fied date in the future. 

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView shows that since hit­ting a low of $0.006 on March 6, the price of MFT climbed 5% to hit a dai­ly high at $0.009 on March 14 as its 24-hour trad­ing vol­ume spiked 1,131% to $235 million. 

MFT/USDT 4‑hour chart. Source: TradingView

The sud­den spike in price and trad­ing vol­ume for MFT fol­lows an announce­ment that Hifi Finance will soon be inte­grat­ing gov­er­nance capa­bil­i­ties for MFT hold­ers who will be able to cre­ate and vote on pro­pos­als regard­ing the future devel­op­ment of the protocol. 

Relat­ed: Bit­coin could crush Russ­ian ruble by ris­ing anoth­er 140%, clas­sic tech­ni­cal set­up suggests

Decentralized identity management

Self­key (KEY) is a blockchain-based iden­ti­ty plat­form that is look­ing to advance the Know Your Cus­tomer (KYC) process and sup­port the ethos of Self-Sov­er­eign Iden­ti­ty through its KYC-Chain. 

VORTECS™ data from Coin­tele­graph Mar­kets Pro began to detect a bull­ish out­look for REQ on March 7, pri­or to the recent price rise. 

VORTECS™ Score (green) vs. KEY price. Source: Coin­tele­graph Mar­kets Pro

As seen in the chart above, the VORTECS™ Score for KEY ele­vat­ed into the green on March 7 and hit a high of 85 around 72 hours before the price began to increase 35.6% over the next four days.

The turn­around in the price of KEY comes as the project works to inte­grate Self­Key and its KYC-Chain decen­tral­ized iden­ti­ty man­age­ment sys­tem across the cryp­tocur­ren­cy ecosys­tem as a way to sat­is­fy glob­al KYC/An­ti-Mon­ey Laun­der­ing regulations. 

The over­all cryp­tocur­ren­cy mar­ket cap now stands at $1.732 tril­lion and Bitcoin’s dom­i­nance rate is 42.7%.

The views and opin­ions expressed here are sole­ly those of the author and do not nec­es­sar­i­ly reflect the views of Cointelegraph.com. Every invest­ment and trad­ing move involves risk, you should con­duct your own research when mak­ing a decision. 

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