Why is API3 coin soaring amid bearish crypto market?

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Why is API3 coin soaring amid bearish crypto market?

 Why is API3 coin soaring amid bearish crypto market?
Image source: © Elnur | Megapixl

Highlights

  • Founded by Heikki Vanttinen, Burak Benligiray and Sasa Milic, API3 is primarily a DAO-governed protocol which is powered by the Ethereum blockchain.
  • The API3 token was among the hot trends following its Binance listing on 20 January.
  • On Friday, the API3 token was trading at US$5.73 with a 24-hour trading volume of US$87,247,677.

 

Founded by Heikki Vanttinen, Burak Benligiray and Sasa Milic, API3 is primarily a DAO-governed protocol which is powered by the Ethereum blockchain. The API3 protocol aims to develop an end-to-end decentralized protocol, which is based on the notion of offering timely, reliable, and real-world data to its users.

Besides, the API3 protocol allows users to take the leap to meet the requirements of Web 3.0 without the involvement of third-party intermediaries. API3 forms a critical cog on how to offer the blockchain off-chain data. This is critical as without it, the decentralised ledger can’t determine the value of the coin.

Binance listing sees API3 soar

API3 saw an impressive rally on Friday. The rally comes on the back of the Binance announcement that it will be listing the token on its platform. Binance will open trading of API3 for its users for API3/BTC, API3/BUSD and API3/USDT trading pairs from 21 January at 10:30 (UTC). Although the trading can start from Friday, Binance will only allow withdrawals from 22 January 10:30 (UTC).

Soon after the announcement, API3 prices began to soar as it saw a 28% gain with a volume spike of well over 300% in the past 24 hours.

Prior to API3, oracle technology largely was dependent on smart contracts as an alternate solution for its functioning. However, following API3’s launch, providers can run their nodes, thereby allowing users to manage and govern the data themselves.

How is API3 faring?

Ranked 280, the API3 token has grown in size in the past six months. In fact, experts believe that it is one of the most promising projects under a market cap of US$200 million. On Friday, the API3 token was trading at US$5.73 with a 24-hour trading volume of US$87,247,677 as per CoinMarketCap. At the time of writing, the token was up by 31.58% in the past 24 hours with a live market cap of US$211,381,823 with 36,907,810 API3 coins in circulation.

Conclusion

API3’s tokenomics may seem strong considering some experts believe that as the world moves towards Web 3.0, API3 will have a critical role to play. Investors will be hoping that the rally lasts for some time as this rally also comes at a time when the entire crypto market is witnessing a bearish phase. 

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