Astar (ASTR) crypto's volume soars over 900%. Here's why

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Astar (ASTR) crypto's volume soars over 900%. Here's why

 Astar (ASTR) crypto's volume soars over 900%. Here's why
Image source: © Melpomenem | Megapixl.com

Highlights

  • Astar (ASTR) crypto is primarily a multi-chain smart contract platform that supports numerous blockchains and virtual machines. 
  • On 25 May, the Astar crypto was witnessing a rally of over 30%, and a volume gain of over 900%, according to CoinMarketCap. 
  • The 230-ranked ASTR crypto was trading at US$0.0726 with a trading volume of US$13,09,36,851 over a day, according to CoinMarketCap.

Astar (ASTR) crypto is primarily a multi-chain smart contract platform that supports numerous blockchains and virtual machines. Built on top of the Polkadot Relaychain, the developers have the option of building multiple applications without worrying about scalability. 

Astar primarily is aligned to develop a platform for the DApps to ensure help in the creation of smart contracts in the Web3 space. Besides, it also caters to Ethereum Virtual Machine (EVM) and WebAssembly (WASM) virtual machines. While EVMs are essentially a computation engine on the Ethereum platform, WASM virtual machine is a compilation of the target. 

Related read: Has the interest in stablecoins returned post TerraUSD (UST) crash?

On 25 May, the Astar crypto was witnessing a rally of over 30%, and a volume gain of over 900%, according to CoinMarketCap.

Why is Astar crypto rallying?

The Astar crypto has been rallying on the back of the announcement of AstridDAO's partnership with Microsoft for their startup programme. With this partnership, AstridDAO has become one of the few tokens officially backed by one of the leading innovative tech-driven companies. 

The partnership intends to remove the barriers to building the company. At the same time, with the partnership, the Astar protocol will be able to increase its market speed and helps in maximise the influence. 

AstridDAO is primarily a decentralised protocol and multi-collateral stablecoin, allowing users to borrow BAI stablecoin, whose value is pegged to USD against the risk assets with minimum collateral.

Related read: Why is Mirror Protocol (MIR) crypto soaring today?

 Tie-up’s effect

The partnership with Microsoft has given Astar the much-needed push in this gloom. After being mainly in a bearish state, the Astar crypto has started to show momentum post the announcement.      

The charts would reveal that the RSI has got a bump following the announcement as investors are now showing massive interest in the token. This has resulted in the RSI being placed at 39.29 at the time of writing (6:35 AM GMT +1). This is an increase from a couple of days back when it was hovering around 29.23 on 23 May.  

Image credit: Trading View

Even the MACD line (in blue) has not only closed the gap but has nosed ahead of the signal line (in orange), showcasing a minuscule recovery following weeks of being in a bearish phase. 

Price performance

The 230-ranked ASTR crypto was trading at US$0.0726 with a trading volume of US$13,09,36,851 over a day, according to CoinMarketCap. The crypto was up by 30.17% with a live market cap of US $25,06,48,429 with 3,40,97,40,989 ASTR coins in circulation. 

Astar crypto, which suffered a massive fall during the TerraUSD fiasco, has now managed to pull itself up from its all-time low of US$0.04338, which happened on 12 May. This is a significant 71% recovery from its ATL, and the volume has gone up by 903.59%. 

Many cryptos are making a comeback after the bloodbath earlier this month. As a market participant, one also has to be mindful before investing as the markets are pretty volatile at the moment. One must do their market research properly and then take investment decisions to ensure that they don't incur losses. 

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