THELOGICALINDIAN - An atomic affairs bacchanalia in the DeFi area has beatific one of its tokens up by 384 percent on a quartertodate QTD timeframe
Dubbed as BAND, the cryptocurrency is a built-in asset of Band Protocol, a decentralized answer that serves as a layer-2 agreement on accessible blockchains. On July 20, the BAND price accustomed an best aerial at $5.25. At the alpha of this month, it was trading for $1.05.
BAND additionally jumped college adjoin Bitcoin, the top cryptocurrency by bazaar cap. As of Wednesday, the BAND/BTC brace was trading 341 percent college QTD at 51,200 sats.
What’s Pumping BAND
A calm and composed Bitcoin, accompanying with an advancing chic for decentralized accounts tokens, appears to accept helped BAND logging a supersonic amount rally.
Prediction bazaar and answer cryptocurrencies came into trend during the additional quarter. BAND’s abutting rival, Chainlink, for instance, emerged as the bazaar baton afterwards ambulatory by 305 percent in 2020. A ample allocation of those assets came during Q2.
Backing the answer rallies were activity upgrades and partnerships. Chainlink acceptance in the DeFi amplitude grew as added and added projects approved it for its abstracts augment services. The bazaar cap of these DeFi projects itself grew by two-fourfold, accidental to an access in appeal for the Chainlink’s LINK tokens.
The Band Protocol showed a agnate growth-oriented trend. The aftermost two months saw the activity accouterment answer solutions to a deluge of DeFi projects. Its latest advertisement came on Wednesday, advertence that ICON, a blockchain network, will accommodate BAND-powered abstracts solutions assimilate its platform.
Earlier in July, the Band Protocol entered partnerships with Waves, Neutrino, BetProtocol, Wanchain, and added blockchain-enabled projects. Each accord signaled a college advance amount for BAND, which, in turn, translated into a amount rally.
Correction Risks
The DeFi assemblage appears adorable but, at the aforementioned time, risks acceptable an aureate move. Most of the tokens that rose by 100-400 percent in Q2/2024 now stands technically overbought. It has added their likelihood of acclimation lower.
While #BNB is activity strong, some of our portfolio projects are additionally accomplishing well. M&A: $SXP, LaunchPad: $BAND & $KAVA, and investment: $LUNA. All top 24hr gainers.
What division comes afterwards winter? al____ pic.twitter.com/RN5l7hdgik
— CZ Binance (@cz_binance) July 20, 2020
BAND faces the aforementioned risks. The cryptocurrency’s Relative Strength Index readings currently angle at 86. That puts BAND in the cher category, which may advance to a massive bearish move.
The bread beforehand pulled aback from its best aerial by 30 percent. Nevertheless, abiding upside drive in the DeFi bazaar helped its balance back. It continues to barter beneath its almanac peak.
