Some investors are going gaga over the recently-minted Green Moon. Meanwhile, Bitcoin and Ethereum are approaching their all-time highs. But it’s NuCypher that has quickly broken past any forms of resistance. At last check, it was up more than 450%. This obviously got the attention of a whole lot of crypto traders.
The rapid rise in value came as a result of a massive spike in trading volume. According to Coinbase, trading volume broke the $2 billion mark. That might not appear like a whole lot when compared to the likes of Bitcoin or even Solana. But it does represent a 18,390% increase in trading volume for NuCypher.
Let’s take a closer look to see what’s got so many investors’ attention…
NuCypher Crypto: From Obscurity, to Near Ubiquity
A week ago, the NuCypher decentralized threshold cryptography network (that’s quite the mouthful) wasn’t on many folks’ radar. It was presented as a new way to “manage infrastructure secrets across environments.” It also offered the ability to grant or revoke access to data across public networks.
First off, this does sound like a super-cool tool for spies and secret agents. But even a captivating use case like that isn’t usually enough to get the attention of the crypto crowd. Well, until it is. And that’s certainly the case now. So much so that it is now one of the top 80 cryptocurrencies in terms of market value. It’s an impressive way for the NuCypher crypto to celebrate its first birthday.
One year ago today the NuCypher network launched.
Since then, thousands of stakers and dozens of dapp developers have discovered threshold cryptography.
And soon, the true era of threshold cryptography, as we join with @keep_project to launch Threshold Network and tBTC v2.
— NuCypher (@NuCypher) October 15, 2021
But don’t let that fool you. NuCypher crypto’s sudden jump in value has nothing to do with investors’ birthday wishes. It actually comes from important news about its merger with Keep.
We admittedly missed the news when this so-called hard-merge was first announced back in June. But on-going announcements are what propelled so many to sit up and take notice. Because these two privacy-oriented networks are joining forces. The result of this merger will be a single protocol to be referred to as Threshold. And it will be backed by a token which will be called “T.”
Here’s Why This Is a Big Deal
The merger between NuCypher crypto and Keep crypto was agreed upon by the communities behind them earlier this year. This resulted in a subsequent organization being created to oversee the change. As such, this decentralized autonomous organization (DAO) will decide how much “T” will be given out to NuCypher and Keep crypto holders.
What’s more, blockchain mergers are far from common. And the newness of such a move is likely what caught the attention of so many investors. Furthermore, there was a lot of excitement around the proposed Q&A session developers would be holding on NuCypher’s birthday.
Depending on how that talk goes, we could be in store for even more gains. But that’s a big “if.” Should the loudest voices be voicing concern – or worse yet, admonish the move – it wouldn’t be surprising if the values of both NuCypher crypto and its counterpart Keep drop just as quickly as they rose.
From a sheerly speculative point of view though, we expect good things from the announcement. This is largely uncharted territory. And the crypto community is known to get behind new innovations. This coupled with the fact that so many cryptos are back on the rise makes a compelling investment opportunity.
In the meantime, NuCypher users will still be able to stake their tokens to run nodes for the underlying project. And in return, they’ll be rewarded with a yield of more NuCypher crypto… At least until the details are completely ironed out. What comes next though, is still largely up in the air.
The Bottom Line on NuCypher Crypto
These are heady times for crypto investors. Values are surging. Pomegranate red portfolios are turning green. Innovations abound. And the Securities and Exchange Commission looks ready to sanction the first U.S. Bitcoin futures ETF.
It’s worth noting that Cathie Wood’s ARK Invest has gotten behind that Bitcoin futures ETF. In this case, the ETF will invest in crypto futures contracts and trade on the CBOE BZX exchange. But this is likely to pave the way for other such financial products… Like a proper ARK Bitcoin ETF. And that’s when the institutional money will really start pouring in.
In other words, it’s a good time to be a crypto investor. And while many missed Bitcoin’s salad days, those that continue to invest in innovative projects like NuCypher crypto and the like could see some incredibly strong returns. A sharp rise in value is certainly possible. And all it takes is about a buck a token right now. But the coming days will be pivotal.
We all know by now that there’s no such thing as a sure bet in the crypto world. But this certainly appears to be one worth the gamble. And one of my favorite parts is investors don’t have to deal with those complicated decentralized exchanges. You can pick it up right on Coinbase.
If this sounds like an investment you’d like to see more of, we suggest signing up for Manward Financial Digest. In it, crypto expert Andy Snyder helps new and seasoned investors navigate the crypto markets to find the tokens with the best use cases and most potential. All you have to do to get started is enter your email address in the box below.
About Matthew Makowski
Matthew Makowski is a senior research analyst and writer at Investment U. He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his focus on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog, Dorito.