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Altcoin News

Kyber’s 56% Jump Overnight: The Beginning Of the End Or the Start Of An Empire?

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Kyber

In the late ’90s and early 00’s, a myth was born. Enron’s meteoric rise and fall. The moment has lived long in the history books of crypto and serves as a modern reminder as to the volatility and unscrupulous nature of stocks and markets in general.

Moments like this are far from a modern trend. One similar rise and tragic fall happened in the early 1700s to the South Sea Trading Company. This example is notable as the company offered virtually no services and was only making profit off buying and selling national debt, thus when the financial crash came it nearly sunk the entire nation of Britain’s economy.

Bitcoin has followed a similar trend. In 2017, it rose from one thousand USD in February to over nineteen thousand in December of that year, then promptly dropping ten thousand dollars within a couple of months and falling to where it lies today.

Comparing stocks to cryptocurrency is perhaps wrong, but there are undeniable similarities between market trends of the two making a comparison convenient. Ultimately, what actions the owners of a coin takes influence market value and how people will buy and sell the coin. Perceived value is massive to stock value, both Enron and South Sea Trading had large perceived value thus driving stock prices up. People saw this upward trend and kept buying, trying to stay ahead of the wave. They bought as much as they could thinking the top would never come, that returns would be permanent, and growth infinite. This buying frenzy translated into a stock value that continually rose. When neither could deliver any real value, it was over for both the companies and investors. It is crucial to invest into a company that actually brings real value, hence why most turn to traditional service stocks in a economic downturn. Despite low returns, they normally stay very stable as services like gas, oil, and electricity are always necessary-thus never facing a sudden crash.

Kyber could tell a similar story. It is currently in the top one hundred cryptocurrencies today, previously holding value at a steady thirteen to fourteen cents a coin. Now Kyber has staged an impressive rally over the course of a day rising over seventy-seven percent to thirty-one cents a coin at time of writing. It had previously followed the crypto market’s rise and fall and subsequent motions more or less. This incredible rise is suspicious to anyone making an observation. Most immediate questions are along the lines of ‘how’, ‘will it last’, or ‘why did I sell my bag so early’. I can’t help those who dropped their stacks too early, but hopefully, I can answer their main questions to satisfaction.

Kyber’s Rise (Source: CoinMarketCap)

First off, Kyber is a platform that facilitates the swapping of tokens at any time, instantly. This alone is extremely beneficial for portfolio management and general practical applications where someone may only accept a certain token. This allows cryptocurrencies to become more uniform after the complete fracturing it suffered with the advent of innumerable separate tokens of varying repute and adoption. This theoretically allows anyone to accept any token and simply use Kyber to convert into their preferred currency. Kyber has recognized the ever-increasing diversity of the crypto space, designing the service to be platform-agnostic and easily integrated into any project-upcoming or current. Kyber is most certainly a great platform on its own merits, explaining the stable price, high marketcap, and steady volume. All of which are hallmarks of a healthy coin.

How does this coincide with the price rally? Simple-Samsung. Samsung is launching the new Galaxy Ten with an integrated coin wallet-Enjin Wallet-which uses none other than Kyber to facilitate coin swaps in-wallet. Massive news like this has spread, causing many to buy in unprecedented numbers causing the trade volume to outpace the market cap rapidly. People saw the relatively low price of the coin very attractive and seeing the value in the project being utilized, bought undoubtedly large sums of KNC at the bottom causing the chain reaction we are seeing now. Stability of this price is naturally dubious, but confidence should be high as the project provides real value to the crypto space. This single mainstream adoption could prove to be the catalyst for a standardization upon Kyber platform as an in-app token swap tool.

As crypto becomes more mainstream with more devices featuring an integrated walled, Kyber stands with a relatively untapped market before them.. The fact that the average consumer will be exposed to Kyber first is crucial, securing growth for the upcoming years. To put things simply, Kyber is surging due to the integration into the mainstream market and there is genuinely no telling how far this will go. The chances of it falling before the Galaxy Ten release are slim to none.

Even falling afterward is almost nil as the Galaxy Ten has an estimated buyer base of forty to forty-five million, with this news perhaps more. With the wallet being standard equipment it is an important precedent despite it probably being an attempt to capture a sales niche. By association, this cements crypto into the mainstream and by further stipulation-Kyber. This allows Kyber to become a standard on other devices, allowing value to climb steadily until the market is consumed. Until that point, unless something catastrophic happens, one could expect continued growth until that point. It wouldn’t be wholly unreasonable to assume the coin to rise to over a dollar by the end of the month and further as time goes on.

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Ashton immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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