Holo (HOT), the native cryptocurrency of the Holochain decentralized cloud system, leapt nearly 70% on a daily basis on Monday morning (UTC), marking the biggest growth among the top 100 virtual coins. The sharp increase was achieved amid a heavy trading volume during just a few hours after Binance said it will add HOT to its trading platform.
The cryptocurrency exchange, one of the world’s biggest, will support two Holo trading pairs – with Bitcoin (BTC) and Ethereum (ETH).
“Binance will open trading for HOT/BTC and HOT/ETH trading pairs at 2018/07/24 04:00 AM (UTC). Users can now start depositing HOT in preparation for trading,”
the platform said.
At 07:59 on Monday, several minutes before Binance’s announcement, Holo traded at $0.0006. The exchange backing triggered a huge jump and HOT reached $0.000943 at 11:09, a level not seen since early June. Binance, which lists one of the widest varieties of smaller digital coins, typically spurs hefty price jumps with listing announcements.
Presently, HOT ranks number 81 in the cryptocurrency capitalization list with more than $125.5 million market cap.
Holo achieved $7.4 million trading volume for the past 24 hours, with $3.9 million coming from HOT/ETH trading on IDEX, $1.8 million stemming from HOT/ETH trading on Hotbit, and $1 million from the same pair on Fatbtc. HOT/BTC trading on Hotbit accounted for nearly $1 million.
Holo project
HOT coin uses proof-of-work (PoW) algorithm and it is the payment vehicle inside the Holochain cloud. The project wants to bring back the Internet control to ordinary people by allowing them to create decentralized mobile applications, to manage their data and identity, and to make transactions without centralized systems like banks.
“Each of us wants to have control over how and with whom we interact. In order to evolve and thrive, our communities must support everyone's uniqueness. Yet today, our online relationships are dominated by centralized corporate web sites. Holochain enables a distributed web with user autonomy built directly into its architecture and protocols,”
the team explains on the project’s website.
This article appeared first on Cryptovest