Right here is why API3 token is rallying as nearly all of cryptocurrencies fall
The API3 worth has surged by greater than 42% as nearly all of cryptocurrencies together with Bitcoin and Ethereum nosedive. On the time of writing, the API3 token was buying and selling at $6.87.
API3 rally comes amid the bigger crypto market massacre that has seen the likes of Bitcoin, the most important cryptocurrency by market cap, drop to $35K and Ethereum, the second-largest cryptocurrency drop to $25K.
API3 is at present solely about $2 shy of its all-time excessive of $10.31 that it hit in April 2021. And going by the present development the place it has gained greater than $2 in lower than 24 hours, it could possibly be headed for a brand new all-time excessive earlier than the present hype ends.
However why is API3 worth rally, particularly at such a time when a majority of cash are dropping? Here’s a complete motive for the worth rally.
What’s API3?
API3 is the native token of the API3 blockchain community.
The API3 blockchain community is devoted to permitting decentralized variations of APIs to be constructed, managed, and monetized.
The group behind the API3 venture believes good contracts can be utilized to supply “well timed, dependable real-world information” as is the case with the normal APIs.
Why API3 worth is rallying
The present API3 rally is very attributed to the latest announcement by Binance that it shall record it and the next itemizing on the crypto alternate earlier right now.
In an announcement posted on the Binance web site on January 2021 at round 9:38 AM, the crypto alternate had promised to record API3 token on January 22, which is right now.
Binance had additionally tweeted about the identical on its Twitter deal with setting the API3 group aflame.
#Binance will record @API3DAO #API3 https://t.co/M25whlBkNQ
— Binance (@binance) January 21, 2022
As a matter of truth, the API3 worth had began rallying on January 20, in anticipation of the itemizing and as soon as it was made public by Binance, the worth shot to the moon.
At this time, the worth continued with the Bull Run propelled by Binance actualizing what it had introduced yesterday.
Latest #Binance itemizing: #API3@API3DAO is a knowledge oracle that allows APIs to feed information to blockchain purposes instantly with out third-party middlemen.
Be taught extra 👇https://t.co/0DbTVpBQYQ
— Binance (@binance) January 22, 2022
Previous to the itemizing information, API3 was in a pullback that had began in mid-November 2021, and makes an attempt to appropriate it in December had failed.
Traders are actually anticipating API3 to proceed with the rally to above $10, particularly because it has proven resilience by surging up at a time when the final market is down.
