The Reasons Behind Kyber Network (KNC) Latest Surge

The Cryptocurrency marketspace has always intrigued investors and traders around the world, ever since it traction as a legitimate investment option. Unlike other investment markets like stock, indices etc., market sentiment takes precedence over all other factors responsible for price movements. A favorable investor sentiment towards a particular coin almost always results in a price surge. There can be many factors for this sudden spike of value, including positive news like new partnerships and acquisitions as well as introducing newer technology. One such project that has seen a recent rise in its value is Kyber Network, which experienced a massive surge of almost 70% at the time of writing. This is in stark contrast with the Cryptocurrency giants like Bitcoin, which experienced a slump below $9000 recently.

A little About the Kyber Network:

The Kyber network concept was formalized to tackle the prevalent issues plaguing centralized exchanges like Coinbase by working on the blockchain. Unlike centralized exchanges which are very vulnerable to cyber crimes and data-breaches have been growing in popularity ever since the Cryptocurrency market took off. Hence the Kyber network team aims at addressing these issues by introducing a decentralized platform for trading.

First introduced in November 2017, Kyber Network became the first and only decentralized exchanges on the planet. It garnered a lot of attention from crypto-traders since its introduction because of the myriad of new and unique features it offered. As of 26/04/2018, Kyber Network is ranked 59^th according to coinmarketcap, with a formidable market cap of $362,882,598 USD. The KNC tokens are currently valued at $2.71 USD and have 32 active trading markets across several exchanges worldwide.

How Kyber Network sets itself Apart:

As mentioned before, Kyber network was one of the first truly decentralized exchanges in operation, which uses an on-chain protocol for allowing instantaneous exchanges and conversion of digital assets. The Kyber Network team heavily stresses on the fact that they are decentralized in the truest sense, making it different from the likes of centralized exchanges like Binance, Bittrex, and Poloniex. The Kyber Network has some salient features which set it apart from the aforementioned exchanges, which are mentioned below.

1. Better Security: Centralised exchanges have been subject to cyber attacks and other forms of data-breaches which resulted in a lot of funds being compromised over the years. One of the most reported hacks of recent times has to be the January incident at Coincheck. Hackers accessed users funds and stole an excess of 500 million dollars worth of funds from Coinbase’s database. Centralised exchanges are thus always prone to cyber crimes like these, and Kyber Network seems to have a solution for this. Kyber network is almost immune to the ill-effects of a data breach because of its decentralized nature. This means that the Kyber network is not in the control of any one individual or entity, which almost removes the danger associated with organized cyber crimes.
2. Decentralised Nature: The decentralized nature of the Kyber network gives more power to the crypto-investing circle through the use of smart contracts. Users can now be in full control over their own funds to facilitate trustless transactions. The funds are also not stored on the exchange directly, making the threat of cybercrimes less dangerous.
3. Proxy Payments: Proxy Payments are one of the salient features Kyber Network has to offer, which allows a user to make payments to any individual or entity by using any token. To achieve this, Kyber Network’s API allows for easy currency conversion which also makes it easier for merchants to operate on a regular basis. The inner workings of proxy payments are elaborated in the project’s whitepaper.
4. Free and instantaneous: Unlike the majority of crypto-exchanges around the world, Kyber network does not charge any fees for a transaction apart from a nominal Gas fee. The network which runs on the Ethereum blockchain also allows instantaneous transactions without the need for registrations or prior deposits. In the modern fast-paced world, many traders and investors have praised Kyber Network’s initiative.

Current Market Scenario for Kyber Network

Over the last couple of days, the Kyber network has experienced rapid gains as a result of favorable news concerning the company. As mentioned before, Kyber Network’s value surged by almost 73% at the time of writing (26/04/2018), with its value slated to go higher in the near future. Two particular events are responsible for this, which are explained in brief below.

1. Bithumb Integration: South Korean Exchange Bithumb recently announced yesterday that Kyber Network will be listed on the exchange, sparking massive interest in the investor community. Bithumb has a very good reputation in the crypto trading community and is expected to help Kyber Network to almost double their adoption among the general public. The impact on price was almost instantly noticeable, with the token price jumping from a high of $2.18 yesterday to $3.01 USD at the time of writing.
2. Partnership with “My EtherWallet”: Important news affecting Kyber Network’s valuation is the recent news of the partnership with My Ether Wallet. Both teams announced that they are introducing a new token swap feature earlier this week. Although My EtherWallet has experienced security breaches recently, the news comes as a positive to increase Kyber network’s adoption by the global crypto-community.

Final Thoughts:

Among several projects based on the Ethereum blockchain, Kyber network definitely stands out as one that can stand the test of time. The Kyber network is backed by a team of technically sound and versatile group of developers, who focus on transparency. With a growing number of exchanges starting to include Kyber network tokens in their listings, the future prospects for this project look bright and encouraging.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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