The ongoing geopolitical tensions between Russia and Ukraine have disrupted the world, and it has caused a huge impact on the cryptocurrency market.
At the time of writing, the cryptocurrency market was trading in the red, and the global market cap had reduced to US$ 1.72 trillion after decreasing 2.2 per cent over the last day.
In the last 24 hours, the world’s oldest cryptocurrency, Bitcoin, was down 1.8 per cent, and the second-largest cryptocurrency, ETH, had declined 3.2 per cent at 4:30 AM EST.
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Amid the crashing crypto market, Waves (WAVES) crypto appeared to gain traction as it surged one per cent over the last day. Priced at US$ 18.46 per token, the one-day volume of Waves crypto was up 27.2 per cent to US$ 788.4 million at the time of writing.
What is Waves crypto?
Waves is a stack of decentralized open-source technologies, and users can use them to build scalable and user-friendly apps. This blockchain-based platform supports use cases like decentralized applications (DApps) and smart contracts.
Meanwhiles, WAVES crypto is the native token of Waves, and it is used for standard payments like block rewards.
Waves crypto ranks globally at the 60th position as per the official website. The platform has a US$ 1.6 billion value locked in decentralized finance (DeFi) and performs 31,000 daily transactions.
In total, Waves carried out 234 million transactions, and the circulating supply of WAVES crypto is 108 million.
Why has WAVES crypto rallied in the last 30 days?
The spike in the price of WAVES crypto could be due to the announcement in February that it is migrating to Waves 2.0. Under Wave 2.0, there will be a new generic governance model.
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Also, the network announced a partnership with Allbridge, a protocol for the transfer of assets on multiple blockchains. It is expected that Allbridge could be fully integrated with Wave protocol by the end of May 2022.
Bottom line
Since the past month, the price of Waves crypto rose 98 per cent and 65 per cent in the last seven days. The 52-week high of this cryptocurrency was US$ 41.33 per token, and the 52-week low was US$ 7.64 apiece.
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