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There is an ongoing onslaught in the digital currency ecosystem today, as marked by the more than 0.30% drop in combined market capitalization, which is now pegged at $1.09 trillion. Amid this rout, decentralized finance (DeFi) protocol Bancor (BNT) is shining brightly, with its price up by more than 48% to $0.6201.
Vladislav Sopov
The Bancor protocol is on a parabolic trend, with convincing growth that is equally reflected in its inherent trading volume. Per CoinMarketCap data, Bancor has recorded a more than 2,490% jump in its trading volume, a sign that the price is neither superficial nor inflated in any way.
As observed in the Bancor growth trends, the current parabolic run is its most ambitious price action in a very long time. Prior to this impressive surge, the coin's price had remained flat for the better part of the past month, where it has traded at a low of $0.3786 and a high of $0.4462 in what constitutes a defined consolidation move.
With Bancor now leading the altcoin trend with a dominant growth rate, the question remains whether or not this surge is sustainable moving forward.
Potential Bancor trigger
Bancor protocol, like many rare DeFi projects reported in the past, has been on the frontlines leading the altcoin rally. Whether this growth is sustainable is a function of whether or not the underlying trigger will remain moving forward.
As gleaned from its socials, Bancor's dominant protocol, Carbon DeFi, has just uncovered a phishing attempt that might have caused mayhem within its ecosystem. This, alongside the key offering being presented by the protocol, has given its community a boatload of confidence in the ecosystem for being proactive, unlike the protocols that have suffered exploits in recent times.
While there are a number of innovative DeFi protocols around, mitigating related risks remains a positive unfair advantage that might help sustain Bancor's growth in the near term.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov