The rate of the API3 digital token jumped by 102% in a day

According to the latest information, several cryptocurrencies have demonstrated impressive growth rates in quotes over the past 24 hours. As of the evening of January 20, 2024, the absolute leader among all digital coins and tokens from the top 500 by capitalization was API3 (API3). Its value soared by more than 102% during the reporting day.

It was possible to purchase the API3 digital asset at an average cost of $3.12. Market capitalization exceeded $268 million, and daily trading volumes jumped more than 64 times. This figure reached $516.03 million. The bulk of transactions took place on the Binance trading platform paired with the USDT stablecoin — about 32% of the total number.

At the same time, market analysts could not name the exact reasons for such a rapid growth in the cryptocurrency rate. Many talked about a banal pump (price manipulation). It should be noted that the digital asset was trading in a fairly narrow range before the price spike.

API3 is a platform for creating and deploying blockchain-based oracles. The developers emphasized that their platform provides reliable and secure interaction between off-chain data and smart contracts. This product enables decentralized applications to access real-world information and APIs using reliable and trusted sources.

API3 uses oracles. These include many partner companies. In addition, the founders of the startup offered numerous development tools that allow you to deploy your own oracles and establish relationships with partners. This makes it possible to run decentralized applications using external data.

Note that Bitcoin demonstrated low volatility. The BTC rate has increased by 1.8% over the past day. The digital coin was traded at $41,590. The capitalization of the virtual asset is $815.43 billion.

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