Why is Biconomy (BICO) crypto climbing up the charts today?

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Why is Biconomy (BICO) crypto climbing up the charts today?

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 Why is Biconomy (BICO) crypto climbing up the charts today?
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Highlights

  • Biconomy (BICO) primarily is a next-gen multichain relayer protocol that aims to make Web3 frictionless and mainstream.
  • On 1 June, the Biconomy crypto was rallying over 16% in the past 24 hours and with a volume gain of over 800%. 
  • On Wednesday, was trading at US$0.836815 with a trading volume of US$13,14,55,454, according to CoinMarketCap.

Biconomy (BICO) primarily is a next gen multichain relayer protocol that aims to make Web3 frictionless and mainstream. The Biconomy crypto seeks to help improve seamless onboarding and transaction experience on DApps, and the project’s eventual goal is to make Web3 products more intuitive and user-friendly. 

As an adequate infrastructure, Biconomy targets Web3’s bottlenecks in onboarding users without paying gas fees, avoiding blockchain complexities, and improving transaction speed.

On 1 June, the Biconomy crypto was rallying over 16% in the past 24 hours and with a volume gain of over 800%.

Related Read: Optimism (OP) crypto's volume soars over 10,600%. Here's why 

Why is Biconomy trending? 

Biconomy is rallying mainly on the back of token listing on the eToro exchange. The eToro exchange listed a bunch of cryptos, including the likes of FTX Token (FTT), Origin Token (OGN), Biconomy (BICO), Immutable X (IMX), Cartesi (CTSI), and Livepeer (LPT).

The easy plug-and-play relayer protocol can manage transactions and gas payments and acts as a bridge for Web 3.0 applications. Being noncustodial, it doesn’t require users to switch from one network to another while conducting the transaction. 

Besides, it also offers developers the SDK/APIs tools to build DApps, and they can customise their transaction history so that the users don’t get into the complexities of blockchains. This ensures seamless interaction between users and DApps.

Biconomy offers multiple incentives to its stakeholders, including the likes of node operators, delegators, and liquidity providers. While the node operators and delegators are compensated in BICO according to the number of tokens they stake, liquidity providers are rewarded when their liquidity pool is utilised. 

Related read: What is Pi (PI) cryptocurrency? What makes it so unique?

How is BICO’s price faring?

On Wednesday, BICO was trading at US$0.836815 with a trading volume of US$13,14,55,454, according to CoinMarketCap. The 199th-ranked token was up by 16.61% with a live market cap of US$11,45,97,245 with 13,69,44,498 BICO coins in circulation. 

BICO, before today’s rally, has had a good run on the market, witnessing a rally of 35% in the past 14 days. The token has been one of the few altcoins, which have managed to do well despite the bearish crypto market. The exchange listing may well push the rally further.

Having said that, in crypto markets, nothing can be taken for granted, as the price of cryptos can change at any given point in time. Hence, one must always be careful while investing in cryptos and do their respective market research before taking any investment decisions. 

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