The native cryptocurrency of Ethereum cryptographic services provider NuCypher outperformed the majority of altcoins last week, including Ether (ETH) and Binance Coin (BNB). NuCypher (NU) more than doubled its market value and capitalisation on its anniversary day, following the announcement of the network’s upcoming merger with Keep Network.
NU Soared 8x Last Week
NuCypher operates several nodes optimised for threshold cryptography to enable decentralised application developers to secure their data on the blockchain. The NU token began trading on October 15, 2020.
The community seems to be positive about future prospects and its upcoming merger with the Keep Network to have incited a spike in the market value of NU. During the first anniversary celebration on October 15, the token soared from as low as US$0.300165 to an all-time high of US$2.61 within that same day.
This represents a +760 percent increase in a daily candle, and although the price of NU has shrunk from the ATH, the token is still up by 323 percent at US$1.27 at the time of writing.
NuCypher is Merging With Keep
The major driver of the rally in NU last week could be traced to the upcoming merger with Keep Network, also a privacy-focused blockchain network. The merger was first hinted at in June, and although it’s still unknown when it will be finalised, NuCypher and Keep are believed to be nearing completion of the first-ever crypto merger into a single network called Threshold.
Both communities unanimously voted in support of the merger, and it’s expected that both KEEP and NU holders will receive the new “T” token from Threshold Network.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
