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Highlights:
- At 1 AM EST, the global crypto market capitalization was up 11.4 per cent to US$ 1.91 trillion.
- The KNC crypto acts as a utility token of this network and connects various stakeholders in Kyber Network's ecosystem.
- Kyber Network addresses this issue by allowing users to build products on its platform without worrying about liquidity.
The price of Kyber Network Crystal (KNC) crypto recorded a 31 per cent increase in its price over the last day, and it was trading at US$ 2.43 per token at the time of writing.
According to CoinMarketCap, the trading volume of KNC crypto had jumped 130 per cent to reach US$ 215.9 million in the last 24 hours. After declining rapidly on Monday, the cryptocurrency market bounced back, and most cryptocurrencies were trading in the green.
At 1 AM EST, the global crypto market capitalization was up 11.4 per cent to US$ 1.91 trillion. That said, let's find out more about KNC crypto and why its price surged.
Why is KNC crypto gaining momentum?
Firstly, as the global cryptocurrency market has bounced back from the crash of February 28, almost all the major cryptocurrencies were trading in the green. It appears that crypto investors regained their confidence, and as a result, the prices of virtual currencies have gone up.
Also Read: Why is Bitgert (BRISE) crypto grabbing attention?
Secondly, Kyber Network took to Twitter and announced that KyberSwap hit US$ 6 billion in trading volume. KyberSwap is the network's dynamic market maker and apparently the first one in decentralized finance (DeFi) infrastructure.
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What is Kyber Network?
Built on the Ethereum blockchain, Kyber Network was founded by Yaron Velner, Loi Luu, and Victor Tran. Kyber Network is the focal point of liquidity protocols, and it is responsible for providing safe and instant transactions on decentralized applications.
The network was started to address the liquidity issue in DeFi infrastructure. Kyber Network addresses this issue by allowing users to build products on its platform without worrying about liquidity.
The KNC crypto acts as a utility token of this network and connects various stakeholders in Kyber Network's ecosystem. Also, the KNC crypto could be used for staking in KyberDAO and help govern the platform by participating in protocol proposals through voting.
Bottom line
The circulating supply of the KNC crypto is 177.8 million, and its market cap was US$ 434.2 million at the time of writing. On March 1, the KNC crypto reached its all-time high of US$ 2.51 per token.
The KNC crypto is available on cryptocurrency exchanges like Binance, Kraken, Coinbase Pro, and Huobi Global. If you are interested in this cryptocurrency, then it essential to research and evaluate your options before investing.
Also Read: What is Catcoin crypto & why its price is skyrocketing?
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