Stablecoin launch and NFT integration support COTI’s rise to new all-time high

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The blockchain ecosystem has evolved dramatically over the past decade, with the capabilities of smart contracts moving the industry from a simple medium of exchange to a bustling ecosystem filled with decentralized finance (DeFi) and non-tokens. fungible (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 aimed at helping organizations build their own payment solutions and digitize any form of currency as a means of facilitating decentralized payments.

Data from TSTIME Markets Pro and TradingView shows that from the low of $ 0.0884 on July 20, the price of COTI rose 652% to a new all-time high of $ 0.6665 on September 25 as a volume of 24 hour trading. hit a record high of $ 917 million.

4 hour COTI / USDT chart. Source: TradingView

The three reasons for COTI’s constant rally include the 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 attracting new users to its ecosystem.

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COTI launches a stablecoin on Cardano

COTI recently announced that its platform will be the official issuer of Djed stablecoin on the Cardano network and the price has continued its uptrend following this news.

Stablecoins have become one of the key components of the cryptocurrency ecosystem as a whole and decentralized finance, in particular, as they provide sufficient liquidity for the market and create a safe haven in times of volatility.

Besides its DeFi applications, the Djed can also be used to pay transaction fees on the Cardano network to avoid high gasoline charges and to make the cost of transactions more predictable.

New stock market listings increase trading volume

A second factor driving the price growth of COTI is the token’s listing on several major exchanges, including Coinbase, the most active US cryptocurrency exchange.

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This announcement kicked off a series of exchange listings for COTI, including the addition to Huobi, Crypto.com, the 1-inch decentralized exchange, and Celsius, which is an all-in-one banking and financial services platform. .

To support these exchange lists, the COTI team also revealed that he initiated 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 banking solution.

Related: Coinbase users can choose to deposit paychecks directly to accounts

NFT opportunities encourage investment

A third factor contributing to increasing value and activity within the COTI ecosystem are the ongoing NFT activities of the project, including the COTI NFT game and the future network plan to help support NFTs on Cardano.

NFTs have been one of the hottest sectors of the cryptocurrency ecosystem throughout 2021 and protocols that provide a lower fee environment have seen increased activity in recent months.

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TSTIME Markets Pro’s VORTECS ™ data began to detect a bullish outlook for COTI on September 21, ahead of the recent price hike.

The VORTECS ™ score, exclusive to TSTIME, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) compared to the COTI price. Source: TSTIME Markets Pro

As shown in the graph above, the VORTECS ™ score for COTI went into the green zone on September 21 and peaked at 77 about ten hours before the price rose 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 TSTIME.com. Every investment and trading move comes with risk, you should do your own research before making a decision.