3 reasons why the price of Keep3rV1 (KP3R) hit a new all-time high this month
Keep3rV1 (KP3R) was one of the few altcoins to emerge unscathed from this week’s bearish turn in the crypto market.
While many digital assets dipped in the red following Bitcoin (BTC), which retreated after setting a new all-time high last week, KP3R added 31.60% against the dollar and 44.17% against BTC between November 12 and 19. .
Let’s take a look at what drove the splendid performance and what factors made altcoin stand out in the face of grim market dynamics at large.
The founder’s magic
Much of the momentum behind KP3R’s explosive price movement throughout the asset’s history can be attributed to Andre Kronje, the founder of Keep3r Network. Kronje is a prominent figure in the Decentralized Finance (DeFi) space and also the founder of the YEarn.finance (YFI) Yield Agriculture Aggregator, one of the top DeFi protocols in the crypto industry.
First announced in October 2020, Keep3r Network is a job registry designed to match organizations and other job providers with Technical Professionals, or Keepers, who can perform routine tasks such as collection of agricultural crops.
The Keep3r ecosystem eventually expanded to include Keep3r Eden, a rules system that enables transparent ordering of trades, a fixed Forex market aimed at providing an alternative to USD denominated stablecoins, and a platform for mining. liquidity of options.
Historically, there has always been a lot of investor enthusiasm around KP3R, as the token has seen many spikes in rapid appreciation since its initial listing on Uniswap. The belief that Kronje’s touch could turn any project into a super-successful business could fuel the positive sentiment around the asset.
November bull run
This fall, after spending much of September and October at around $ 300 per token, KP3R saw its price rise sharply on November 8, around the time the total value locked in the Keep3r Network Fixed Forex surpassed 1. billion dollars.
As the token price began to soar, the trading volume and social sentiment patterns around KP3R worked out in a way that increasingly resembled previous moments of explosive token price action. . This was evidenced by the very strong VORTECS ™ score of the asset – an algorithmic indicator comparing the historical dynamics of trading and social activity of the token to those currently observed. Exclusively available to Cointelegraph Markets Pro subscribers, the VORTECS ™ score assesses whether current conditions are bearish, neutral or bullish given the coin’s price action history.
On November 11 and 12, KP3R was trading just above $ 1,000, after nearly tripling its price from the previous week. The coin’s VORTECS ™ score was in the 1980s, indicating significant confidence in the algorithm that the outlook for KP3R for the next 12 to 72 hours remained bullish and that a further rise could be expected.
Crypto exchange listings tend to increase token prices
On November 12, a announcement a new Binance trading pair, KP3R / USDT, fell on Twitter. Markets Pro subscribers received an almost instant development alert thanks to the platform’s NewsQuakes ™ feature (red circle in the chart).
The price of KP3R did not jump immediately, but after several hours the asset rallied immensely, rising from $ 976 to a high of $ 1,923 in just 17 hours – an increase of almost 100%.
Granted, a Binance listing is big news for any digital asset, but in the case of KP3R, the announcement had landed on extremely fertile ground. The arrangement of trading activity and measures of social sentiment were already extremely favorable, and a spark provided by Binance’s tweet had triggered an extremely powerful price spike. Cointelegraph Markets Pro subscribers have been alerted to both the bullish conditions looming around KP3R and the news itself.
Cointelegraph is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk, including the risk of permanent and total loss. Past performance does not represent future results. Figures and graphics are correct at time of writing or as otherwise specified. Strategies tested live are not recommendations. Consult your financial advisor before making any financial decisions.