- JasmyCoin has experienced a significant 30% surge in 24 hours while major cryptocurrencies including Solana and Ethereum showed modest gains of around 4%.
- The Jasmy rally, largely driven by positive market conditions, could see bullish momentum to continue, a trader on X believes.
- Arweave’s recent 26% price increase follows its 2.9 upgrade release which introduces improved mining efficiency and enhanced security measures for its decentralised storage network.
Most major cryptos have remained relatively stable over the past couple of hours, with Solana (SOL) and Ethereum (ETH) being the largest movers among the top ten by market cap, with a 4% change over 24 hours.
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Among the biggest altcoin gainers is JasmyCoin (JASMY), which surged nearly 30% in the past 24 hours. Currently, the coin trades for US$0.30 (AU$0.48), still a long way from its all-time high (ATH) of US$4.99 (approximately AU$8) in 2021.
JasmyCoin is a project of Tokyo-based Jasmy Corporation and led by former Sony executives like Kunitake Ando and Kazumasa Sato.
Trader Says Bullish Momentum Building for JASMY
JASMY launched in 2021 and integrates IoT and blockchain to give users full control over their data. It connects service providers and users, enabling secure, trustless exchanges across devices like computers, cars and phones.
Focused on data democratisation and privacy, it leverages edge computing and IPFS to ensure user control while helping service providers enhance their offerings.
JASMY’s price surge comes as the Federal Reserve has left interest rates unchanged and the European Central Bank lowered its rates by 25 basis points.
Crypto analyst Moon Whales predicts that current trends and patterns indicate a significant potential for an increase in price.
JASMY [is] showing a strong bounce off support with increasing volume Bullish momentum building up watch for a breakout from this falling wedge for a potential explosive move ahead.
Moon Whales
Arweave Upgrade 2.9 Boosts Price
Another notable gainer over the past day is Arweave (AR), which saw a price increase of 26% on the daily chart and currently trades for US$16.61 (AU$26.75).
The decentralised storage network recently introduced the Arweave 2.9 upgrade, which, according to the developer team, should enhance efficiency and security by reducing computational costs for miners, strengthening security through improved entropy processes, and contributing to a more robust storage market through increased participation.
Related: Mini Financial Crisis Will Force 30% BTC Correction, Predicts Arthur Hayes
Sam Williams, founder of Arweave and CEO of Forward Research, said in a statement on January 27, that with these improvements, the wider community can “participate in securing the future of digital information”.
This is a significant step towards realizing our vision of a truly decentralized and permanent web, where knowledge endures for generations to come.
Sam Williams, founder of Arweave and CEO of Forward ResearchCredit: Source link
