FIRO crypto witnessed a volume gain of over 2400%. Here is why

Highlights

• Firo (FIRO) protocol is primarily a privacy-preserving cryptocurrency that aims to offer users anonymity.
• FIRO crypto on 15 July witnessed a positive rally of over 266.23% and volume gain by over 2400% at 7:00 AM (GMT +1), according to CoinMarketCap. 
• FIRO crypto on Friday was trading at US$5.50 with a volume of US$40,00,85,496 over a day, according to CoinMarketCap.

Firo (FIRO) protocol is primarily a privacy-preserving cryptocurrency that aims to offer users anonymity. Formerly known as Zcoin, FIRO is a protocol that offers users private control of their funds. Firo seeks to target the age-old problem of the slowness of networks and the higher gas rates with an increased average speed of fewer than five minutes to complete the transaction. 

Unlike traditional cryptos such as Bitcoin or Ethereum, FIRO can mask the details of the sender and receiver, through the coin mixing mechanism, effectively completing the trade and obscuring it from trackability. 

On 15 July, FIRO crypto witnessed a positive rally of over 266.23% and volume gain by over 2400% at 7:00 AM (GMT +1), according to CoinMarketCap. 

What's the reason for rally?

FIRO token has been on a bull run of late by registering gains of over 274% for more than 30 days now. While today's rally seems to be a continuation of this bull run, its market participants can also take heart from the fact that on 15 July, it was listed on the Indonesian regulated exchange Tokocrypto. 

Firo users can trade on Tokocrypto in the trading pairs of FIRO/USDT, FIRO/BTC, FIRO/BUSD, LEVER/USDT, and LEVER/BUSD from 15 July at 16:00 (Western Indonesia Time). 

Besides, FIRO had partnered with UDC Consulting on 12 July, which would be providing marketing support and consultation to FIRO. 

The recent bull run has resulted in FIRO showcasing a parabolic growth path, with its price crossing the critical resistance levels of US$1.74. As a result, both MACD and the RSI have taken an enormous jump, suggesting an increase in the momentum. 

Image credit: Trading View 

As we can see in the chart, the RSI has reached the overbought position of 91.89, indicating that market participants are pretty intrigued by the recent turn of events. 

Even the MACD line hinted at a massive jump since 13 July; by the looks of it, the overall momentum is getting more vigorous with the signal line trailing well below it.  

How is FIRO crypto's price faring?

FIRO crypto on Friday was trading at US$5.50 with a volume of US$40,00,85,496 over a day, according to CoinMarketCap. The 324-ranked crypto enjoyed a market cap of US$6,19,55,206 with 1,12,74,649 FIRO coins in circulation.

FIRO protocol developers are in the process of developing Lelantus Spark, a technology that will further keep all amounts hidden. This may furth enhance its ability as a privacy coin and may well be one of the trailblazers in the category. 

Having said that, many regulators worldwide have raised concerns about the privacy coins' ability to mask transaction details. They believe that it will give motive and opportunity to the illicit players to act and use them for various money laundering and terrorism funding activities. At the same time, crypto enthusiasts believe it commands a space of its own due to the ability to keep data private. 

Overall, as crypto participants continue to ponder over the pros and cons of privacy coins, it's important to note that cryptocurrencies are a risky affair, and investors need to conduct proper market research before they enter the market. 

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