3 reasons why Keep3rV1 (KP3R) price hit a new all-time high this month
Keep3rV1 (KP3R) was one of the few altcoins that emerged unscathed from this week’s bearish turn in the crypto market.
While many digital assets plunged into the red following the lead of Bitcoin (BTC), which recoiled after recording a new all-time high last week, KP3R added 31.60% against the dollar and 44.17% against BTC between Nov. 12 and Nov. 19.
Let's investigate what drove the splendid performance and what factors made the altcoin stand out in the face of the from the bleak dynamics of the wider market?
Much of the momentum underpinning KP3R’s explosive price movement throughout the asset’s history can be attributed to Andre Kronje, the founder of Keep3r Network. Kronje is an eminent figure in the decentralized finance (DeFi) space and also the founder of yield farming aggregator yEarn.finance (YFI), one of the top DeFi protocols in the crypto sector.
First announced in Oct. 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 collecting yield farming harvests.
The Keep3r ecosystem eventually expanded to include Keep3r Eden, a system of rules that enables transparent ordering of transactions, a Fixed Forex market aimed at providing an alternative to USD-denominated stablecoins and an options liquidity mining platform.
Historically, there’s always been a lot of investor excitement around KP3R because the token has seen many spikes of rapid appreciation since its initial listing on Uniswap. The belief that Kronje’s touch could turn any project into an ultra-successful enterprise could be fueling the positive sentiment around the asset.
November’s bull run
This fall, having spent much of September and October trading at around $300 per token, KP3R saw its price shoot up sharply on Nov. 8, around the time when the total value locked in Keep3r Network’s Fixed Forex exceeded $1 billion.
As the token’s price began to soar, the patterns of trading volume and social sentiment around KP3R arranged in a way that looked increasingly similar to the token’s previous moments of explosive price action. This was attested by the asset’s very strong VORTECS™ Score – an algorithmic indicator comparing token’s historic dynamics of trading and social activity to those currently observed. Exclusively available to the subscribers of Cointelegraph Markets Pro, the VORTECS™ Score assesses whether the current conditions are bearish, neutral or bullish given the historical record of the coin’s price action.
On Nov. 11 and 12, KP3R was trading at just above $1,000, having almost tripled its price over the previous week. The coin’s VORTECS™ Score was in the high eighties, indicating the algorithm’s significant confidence that the KP3R’s outlook for the next 12-72 hours remained bullish and further upside could be expected.
Crypto exchange listings tend to boost token prices
On Nov. 12, an announcement of a new Binance trading pair, KP3R/USDT, dropped on Twitter. Markets Pro subscribers received a near-instant alert of the development thanks to the platform’s NewsQuakes™ functionality (red circle in the chart).
KP3R’s price did not spike immediately, but after several hours the asset pulled off an immense rally, shooting up from $976 to the high of $1,923 in just 17 hours – nearly a 100% increase.
Granted, a Binance listing is big news for any digital asset, but in the case of KP3R, the announcement had landed on an extremely fertile ground. The arrangement of trading activity and social sentiment metrics were already tremendously favorable, and a spark provided by Binance’s tweet had triggered an extremely powerful price spike. Cointelegraph Markets Pro subscribers were alerted to both bullish conditions shaping up around KP3R and the news itself.
Cointelegraph is a publisher of financial information, not an investment adviser. 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 is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.Source