Energy Web Token (EWT) rallies 50% shortly after listing on Kraken

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One of many greatest debates happening on a worldwide scale pertains to power manufacturing and the combination of renewable power sources into {an electrical} grid dominated by carbon-based fuels and nuclear energy. 

Power Net Token (EWT) is one challenge that’s rising in reputation because it goals to combine blockchain know-how into the power sector. The challenge additionally plans to assist with software improvement and it’s making a decentralized power trade.

Information from Cointelegraph Markets and TradingView reveals that the worth of EWT elevated 65% from a low of $11.38 on Feb. 28 to a brand new all-time excessive of $18.78 on March 3 with a report $8.66 million in 24-hour buying and selling quantity.

EWT/USDT 4-hour chart. Supply: TradingView

The primary improvement serving to drive the worth of EWT larger was its March 1 listing on Kraken trade. Kraken is presently the fourth-largest cryptocurrency trade by quantity and has supplied EWT with its largest buying and selling market up to now.

Buying and selling quantity for EWT elevated by 265% following its itemizing on Kraken and in the present day the worth continues to maneuver larger as group members speculate on which trade will listing EWT subsequent.

EWT proclaims staking and utility nodes

One other supply of optimism for EWT got here from the Feb. 25 announcement that staking would quickly be enabled for token holders within the type of escrow-based decentralized service-level agreements (SLA), which might be used to create utility nodes that can provide providers on the community with the stake appearing as an incentive to offer high quality providers.

In keeping with Power Net’s Chief Business Officer Jesse Morris, the staking mechanism created for EWT is a “new form of crypto mannequin.”

Morris said:

“It is key to unlocking tens of 1000’s of utility nodes (run by the ecosystem) providing low-cost, dependable IT providers to grid operators. No extra vendor lock-in or RFPs required to standup an enterprise app.”

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for EWT on Feb. 27, previous to the current value rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of knowledge factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. EWT value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ rating for EWT reached a excessive of 67 on Feb. 27, roughly 60 hours earlier than the worth started to interrupt out from $12.91 to its present value of $17.91. On the time of writing EWT’s VORTECS™ rating stands at 80.

The controversy surrounding renewable power and its integration into the worldwide economic system is probably going simply getting began, and Power Net Chain might have the first-mover benefit within the decentralization of the power business.

Rising incentives for token holders, together with new trade listings has EWT well-positioned to turn out to be a frontrunner within the blockchain-based power market and that is sure to attract in new traders.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must conduct your personal analysis when making a choice.