During each up / down period, at least some cryptocurrencies defy the overall trend. Something similar has happened so far. Despite the bad market situation, there are altcoins that are not that prominent and are rising in price.
COTI is one such altcoin with a massive price spike over the past 7 days. In fact, after gaining 100% this week, the price climbed from $ 0.34 to over $ 0.67.
COTI price table | Source: Tradingview
What is COTI?
COTI is a fintech platform that enables users to create their own payment solutions. COTI appears in almost all fintech avenues: from financial and payment processing to white label payment systems and cross-border transfer technology. In fact, it’s on the same pitch as Ripple and Cardano.
The platform is also optimized to generate stable coins of value. This allows users to spend their own stablecoins and have full control over funds and data.
Thanks to the recent partnership with Cardano, COTI is gaining a lot of attention. In the future, the COTI platform will be Djed’s official issuer, Cardanos Stablecoin.
COTI continues to operate the cross-chain bridge. Through the reprocessing process, the bridge automatically handles delayed transactions with native ERC-20 and COTI tokens. This helps a lot in improving the cash flow from the original coin to the Ethereum version.
Reasons to trigger the uptrend
COTI trades at the same price as the ERC-20 version, and both were recently listed on multiple exchanges including Coinbase, Huobi, and Crypto.com. In addition to these centralized exchanges, decentralized platforms from 1inch and Celsius have also listed COTI.
These listing events act as catalysts for an skyrocketing price.
In addition, the ongoing NFT activities in the ecosystem also support the development and implementation of COTI. The network plans to support NFT on Cardano in the near future. Therefore, this factor also makes a significant contribution to a positive price development.
At the time of writing, metrics appear to be healthy, such as psychosocial. For every 100 social media mentions of crypto in the past few hours, there is an average of almost 1 COTI-related mention.
A strong social feeling always equates to protests. Even in April, when many small tips of the indicator appeared on the chart, the price rose.
In addition, another similar incident was recorded at the end of August, which is why this time the community members have reason to raise the COTI price.
Dominance rate (pink) and social mass (blue) | The source: mood
The social volume mentioned above has successfully fueled the increased volume of trade. The almost non-existent trading volume has increased 18-20 times since June-July. Given the bullish history, the buying volume overwhelms the selling volume at this stage.
In conclusion, by observing the status of the indicators, it can be confirmed that the COTI rally is not going to end anytime soon.
Volume | The source: mood
Watch bigger picture
With a market cap of just $ 535 million at the time of writing, COTI ranks 142nd in the Coingecko rankings. Although COTI has the same industry, it is way up the charts when compared to ADA and XRP.
Even if reception increases in the coming days, it will be quite difficult for COTI to consolidate a position near top-rated altcoins anytime soon. It will take time to tell whether COTI is the “currency of the Internet”.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto