Stablecoin launch and NFT integration back COTI’s rise to a new all-time high
The blockchain ecosystem has evolved significantly over the past decade as smart contract capabilities have moved the industry from being a simple medium of exchange to a bustling ecosystem full of decentralized finance (DeFi) and nonfungible tokens (NFT).
One project that has benefited from the increased capabilities of blockchain technology and the recent launch of smart contracts on Cardano is COTI (COTI), an enterprise-grade fintech platform focused on helping organizations create their own payment solutions and digitize any form of currency as a way to facilitate decentralized payments.
Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at a low of $0.0884 on July 20, the price of COTI has rallied 652% to reach a new all-time high at $0.6665 on Sept. 25 as its 24-hour trading volume surged to a record $917 million.
Three reasons for the steady rally in COTI include its launch of the Djed stablecoin on the Cardano network, a series of exchange listings and the launch of COTI’s NFT game which appears to be bringing new users to its ecosystem.
COTI launches a stablecoin on Cardano
COTI recently announced that its platform would be the official issuer of the Djed stablecoin on the Cardano network and the price continued its upward move on that news.
Stablecoins have emerged as one of the key components of the cryptocurrency ecosystem as a whole and for decentralized finance, in particular, because they provide sufficient liquidity for the market and create a safe haven during times of volatility.
Aside from its DeFi applications, the Djed can also be used to pay transaction fees on the Cardano network as a way to help prevent high gas fees and make the cost of conducting transactions more predictable.
New exchange listings boost trading volume
A second factor behind COTI’s price growth is the token’s listing on several large exchanges, including Coinbase, the most active U.S.-based cryptocurrency exchange.
This announcement kicked off a series of exchange listings for COTI, including being added to Huobi, Crypto.com, the decentralized exchange 1inch and Celsius, which is an all-in-one banking and financial services platform.
To go along with these exchange listings, the team at COTI also revealed that it has started the process of inviting beta testers to apply for the COTI bank account and debit card for final testing before the full launch of the protocol’s banking solution.
Related: Coinbase users can choose to deposit paychecks directly to accounts
NFT opportunities encourage invest hodling
A third factor helping to boost the value and activity within the COTI ecosystem is the project’s ongoing NFT activities, including the COTI NFT Game and the network’s future plan to help support NFTs on Cardano.
NFTs have been one of the hottest sectors in the cryptocurrency ecosystem throughout 2021 and protocols that offer a lower fee environment have seen increased activity in recent months.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for COTI on Sept. 21, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for COTI climbed into the green zone on Sept. 21 and reached a high of 77 around ten hours before the price increased 135% over the next five days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.