The price of the Chia Network ($XCH) rose over 36% today, setting a new all-time high of $225 followed by a test of support at $217. Let’s see what all the hype is about and why the price of Chia is rising.
What is the Chia network?
Founded by Bram Cohen, the inventor of the BitTorrent network, the Chia network is:
“A new blockchain and smart transaction platform that is easier to use, more efficient and secure.
Chia has its own smart transaction programming language called Chialisp, which makes it easy to audit and secure applications published on the network.
Also, what sets Chia apart is the fact that it uses an all-new Nakamoto-style consensus algorithm that uses “PoST” space and time proofs.
The new algorithm uses unused disk space instead of power-intensive proof-of-work algorithms, making it much more environmentally friendly than traditional cryptocurrencies.
For more information on Chia’s “PoST” algorithm, I highly recommend checking out their green paper.
Why is the price of Chia Network increasing?
The latest announcement on the official Chia Network twitter is for an upcoming team presentation tomorrow at Bloomber’s Financial Innovation Summit.
We are delighted to @BloombergLiveit is #EndInnovationSummit and are ready to discuss disruption, innovation and #crypto. Our own @hoffmang and David Frazee will be on a panel tomorrow morning at 10:05 a.m. EDT!https://t.co/PAlg2lPSok pic.twitter.com/VG0slRS7Oo
— Chia Project (@chia_project) November 4, 2021
Recently, we have seen the price of several cryptocurrencies increase significantly due to upcoming announcements regarding hosting/attending a major cryptocurrency convention.
For example, Smooth Love Potion ($SLP), today’s biggest gainer, jumped more than 50% in price in the middle of its NFT.NYC presentation.
Another example is the price of Rarible, which jumped 18% when the team announced an upcoming conference on Nov. 6-7 that it helped organize.
We can only speculate whether upcoming events and presentations are the cause of these price fluctuations. However, we can all agree that convincing a room full of investors that your project is worthwhile is a surefire way to gain bullish momentum.
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