cryptovest.com
Waves (WAVES) extended its rally, adding another 26% to its price in the past 24 hours to reach $4.44 while also achieving record trading volumes of above $145 million equivalent.
The most recent surge followed news of significant financing for the Vostok project, which aims to deliver enterprise-grade blockchain solutions. It is compatible with the Waves ecosystem but does not use the public blockchain, the team explained in a recent blog post. As announced by WAVES, Vostok has secured the impressive amount of $120 million from private investors, but it is unclear who the backers are and whether the funds have been raised in cash or digital assets.
“The project will not only benefit the market position of our growing Waves ecosystem as it uses the Waves-NG protocol, but also our loyal community will also gain financially through a planned airdrop of 3% of the overall supply of Vostok System Tokens (VST),” the Waves team said.
The chief reason for the rise in WAVES prices is the recovery of Bitcoin (BTC) above $3,800. Most of WAVES volumes are concentrated on Binance, which also allows for a concerted trading action. But the growth of WAVES against BTC is also significant, exceeding 300% in the past month.
Some see the recent price upswing as an anomaly that would soon lead to a crash. WAVES is still not completely decoupled from BTC prices. There is a small USD market on the WAVES Decentralized Exchange where the price lags at around $4.14, while Binance prices sit at $4.47. This is yet more reason to see Binance as the source of WAVES price action. The asset is also widely distributed on other leading Asian exchanges.
The biggest advantage of WAVES is its community, which supports and uses the rather large token ecosystem. WAVES offers a frictionless exchange and token trading through its wallet. Some see the asset reaching prices similar to Ethereum’s (ETH).
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