Here Is The Reason COTI Has Soared 2X In Just 3 Days

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Here Is The Reason COTI Has Soared 2X In Just 3 Days – Crypto News

Published

1 year ago

February 26, 2024

Dripp

Over the last weekend, the COTI price delivered a surprise rally delivering 115% gains and shooting all the way past $0.22 with a market cap of $337 million. Furthermore, the daily trading volumes for COTI reached all the way closer to $400 million.

What Pushed COTI Price Up By 115%?

COTI prides itself on being the ultimate fintech platform for businesses, equipping them with the necessary tools to establish their payment systems and seamlessly digitize any currency. This empowers businesses to streamline their operations, ultimately saving valuable time and resources.

The recent surge in activity aligns with COTI’s latest innovation: Garbled Circuits, a privacy-boosting feature integrated into the COTI blockchain. Revealed on February 20, this breakthrough in blockchain encryption addresses previous limitations and introduces significant enhancements.

COTI touts impressive advancements, boasting computation speeds 1,000 times faster than conventional Fully Homomorphic Encryption (FHE) systems, and a storage footprint 250 times smaller than alternative solutions.

Furthermore, Garbled Circuits provide a unique advantage by facilitating transactions involving private states shared among multiple parties, a capability not offered by Zero-Knowledge (ZK) solutions. Additionally, they mitigate the risks associated with single-point-of-failure commonly observed in Trusted Execution Environment (TEE) solutions.

As per the Foundation’s assessment, the efficient speed and computational power of Garbled Circuits make them an ideal fit for the COTI V2 privacy-preserving solution on the blockchain. The COTI Foundation noted:

“For the first time in history, garbled circuits have the speed and computational power to run efficiently on the blockchain, making it the perfect choice for the COTI V2 privacy-preserving solution”.

The excitement surrounding the upcoming privacy and security enhancement has driven COTI’s price higher.

What’s Ahead for COTI?

Over the last weekend, DeFi tokens have taken charge of the crypto market rally with Uniswap bringing the Defi market alive once again.

The COTI bulls surged ahead, marking a remarkable 115% increase over the last two days. However, this momentum was met with resistance at $0.23222, leading to a subsequent period of bearish influence on the price.

Analysis of the Moving Average Convergence Divergence (MACD) reveals a decline in the green histogram, signaling weak price action in the market for the coin. Additionally, the averages indicate a steady rise, reflecting a mixed sentiment among investors in the crypto space.

Should the bulls regain control, COTI’s price is poised to challenge its upper resistance level of $0.26. Sustaining this price level could pave the way for further testing at $0.30 in the coming weeks. Conversely, a bearish reversal could see the price retreat to its support level of $0.137.