What is Bolt crypto and why is it gaining traction?

Highlights

• The Bolt (BOLT) is the native token of BOLT Global, a protocol based on blockchain technology.
• The total supply of Bolt crypto is 995 million, and its circulating supply is reportedly 991.3 million tokens.
• At the time of writing, the Bolt crypto was up nine per cent to US$ 0.006239 per token.

The cryptocurrency market was in the negative zone on Thursday morning as its market cap declined below the US$ 2 trillion mark in the last 24 hours.

The price of Bitcoin and ETH was down 1.6 per cent and 2.1 per cent at the time of drafting. However, it appeared that the cryptocurrency enthusiasts were looking for a particular cryptocurrency called 'Bolt'.

What is Bolt crypto?

The Bolt (BOLT) is the native token of BOLT Global, a protocol based on blockchain technology for the media and financial technology (fintech) ecosystem.

At the time of writing, the Bolt crypto was up nine per cent to US$ 0.006239 per token, and its market cap was US$ 6.2 billion, according to CoinMarketCap data.

The total supply of Bolt crypto is 995 million, and its circulating supply is reportedly 991.3 million tokens.

Why is Bolt crypto rising?

There was no apparent news from the protocol that could've led to a price surge in an otherwise declining market. However, an update from a financial payments service provider could have been responsible for the rising price of Bolt crypto.

Payments fintech company Bolt Financial announced on April 7 that it is acquiring cryptocurrency startup Wyre payments. The company hopes to build commerce solutions for mainstream and secure crypto usage for millions of users.

The deal is reportedly valued at around US$ 1.5 billion, and Bolt could use the cryptocurrency infrastructure provider's expertise to enable crypto payments on its platform.

Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte

After the latest funding round in January, Bolt Financial was reportedly valued at US$ 11 billion. Over the years, the San Francisco-based company has provided a checkout service for payments to retailers and shoppers.

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Over the past year, there's been a surge of investor interest in the cryptocurrency market. As some analysts believe that the adoption of cryptocurrencies could increase in future, Bolt could be looking to gain exposure to virtual currencies.

Bottom line

It appears that the Bolt crypto does not connect with Bolt Financial, and they are two separate entities with similar names. Therefore, investors should exercise caution before investing in lesser-known cryptocurrencies.

Also Read: What is Balancer (BAL) crypto and why is it rising?

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