NPXS, the native token of PundiX, a cryptocurrency point of sale (PoS) solution provider, has seen a massive surge in price over the past 48 giờ.
In merely two days, the price of NPXS rose by more than 130% trên Binance, outperforming most major cryptocurrencies on the exchange.
There are three key reasons behind the rally: the launch of token staking, token reduction, and the overall positive sentiment around the altcoin market.
Token staking and fewer NPXS tokens
Vào tháng ba 13, Zac Cheah, the CEO of PundiX, reaffirmed that token reduction and staking for NPXS is happening later this month.
When the supply of a token is reduced, it immediately acts as a catalyst because it typically pushes up the price if demand remains the same.
PundiX is reducing its token supply to a 1000:1 ratio and rebranding the native token from NPXS to PUNDIX. The rebranding is fueling the overall increase in interest in NPXS, considering that the token has been consolidating for a prolonged period.
Ngoài ra, token staking further amplifies the positive effect on the value as it leads more users to stake NPXS and refrain from selling as the token is locked up. Cheah said:
“As scheduled, $npxs token reduction starts late March, theo dõi bởi (immediately or few days later) token staking. Staking reward is USD100,000 + value weekly for ten weeks. Someone said it’s better to call our staking ‘DeFi farming’, so yea Pundi X DeFi farming is comin!”
As Cointelegraph previously reported, many cryptocurrencies saw a large rally in recent months after introducing staking.
Ví dụ, Theta Network introduced staking for the THETA token, which coincided with the price of the token hitting a new all-time high on Feb. 14.
Traders are anticipating more “alt season”
The altcoins market is seeing significant rallies almost across the board as Bitcoin price is currently consolidating between $56,000 và $59,000. Còn gì nữa, the altcoin market’s capitalization has reached a new all-time high of almost $730 tỷ, hoặc đại khái 50% higher than in 2017.
Một thương nhân có biệt danh được gọi là “Rekt Capital” said that explained that this is a perfect example of market cyclicality, alluding that the overall trend remains highly bullish. Ông đã viết:
“Altcoin Market Cap launched into new All Time Highs from the very same level that launched Altcoin Market Cap into new December 2017 All Time Highs. A perfect example of market cyclicality if there ever was one.”
Other notable rallies in altcoins include Harmony (MỘT), Siacoin (SC), Terra (ÁNH TRĂNG), and BitTorrent (BTT), which all surged from 40% đến 140% cuối cùng 24 giờ.
Cuối cùng, the market sentiment around PundiX has been generally positive after its testnet launch on Feb. 11, như Cointelegraph đã báo cáo.
Ngoài ra, VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for NPXS on March 20.
VORTECS™ ghi bàn, độc quyền cho Cointelegraph, là một so sánh thuật toán giữa các điều kiện thị trường lịch sử và hiện tại bắt nguồn từ sự kết hợp của các điểm dữ liệu bao gồm cả tâm lý thị trường, khối lượng giao dịch, biến động giá gần đây, và hoạt động trên Twitter.
VORTECS™ score for NPXS flipped from yellow to green a few hours before the price rallied on March 20 từ xung quanh $0.006 cao đến mức $0.0082, or roughly by 30%.
As long as the altcoin market rally continues and Bitcoin consolidates above the $55,000 khu vực hỗ trợ, the positive market structure of NPXS should remain intact.
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