Altcoins have shown up in the cryptocurrency market this year. While there isn’t a full-blown out altcoin rally yet, the performance by many of them has been nothing short of impressive. Many low priced and relatively unknown altcoins have also taken the market by storm, fueling the overall performance of altcoins.
One such altcoin is Kyber Network (KNC). As an on-chain liquidity protocol, KNC, allows decentralized token swaps to be integrated into any application. This enables the swift exchange of value exchange for all parties in the ecosystem.
Kyber Network has been one of the best performing altcoins this year, and amongst the top 5 performing altcoins within the last 3 months. The digital coin saw a 22% increase in price within 48 hours, starting in the early hours of July 19. This saw its price rise to $1.92 before settling at $1.66 at the time of this writing. Crypto experts believe there could be more on the way for the digital coin.
Katalyst, a protocol upgrade for Kyber Network recently went live on July 7. This upgrade now enables holders of KNC tokens to yield and partake in any economic decision that happens on the Kyber Network. The Katalyst upgrade also included the launch of KyberDAO and staking, which offer numerous benefits for DEX traders, KNC holders as well as liquidity providers.
The option of staking in the blockchain protocol, which rewards users by joining the KNC network, as well as the strong technical structure behind the digital project, has been hailed by experts as some major factors for the impressive performance of KNC. Van de Poppe, widely known as ‘Crypto Michael’, a popular crypto analyst and trader stated on July 17, that, the flexible support of Kyber Network at 0.00017 BTC is a vital line of defense. The digital coin has remained above that level and rose to 0.000203 BTC that same.
Another factor for the rise of KNC is the popularity it is gaining in the Asia market. Kyber Network is one of the most popular DeFi coins in South Korea, as well as one of the most talked-about DeFi cryptocurrencies on more retail channels like CoinP in South Korea. A Hong Kong-based crypto exchange platform, Crypto.com, recently added the Kyber Network Token to its listings.
Kyber Network (KNC) has many developments scheduled and in addition to performances like this, the digital coin could soon blow up.
Disclaimer: The views and opinions expressed here are solely those of the author
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