One of the biggest debates around the world concerns energy production and the integration of renewable energy sources into an electricity grid dominated by carbonaceous fuels and nuclear energy.
Energy Web Token (EWT) is a project that is growing in popularity as it aims to integrate blockchain technology into the energy sector. The project also plans to help in the development of applications and it creates a decentralized energy exchange.
Cointelegraph market data and TradingView shows that the price of EWT rose 65% from a low of $ 11.38 on February 28 to a new all-time high of $ 18.78 on March 3 with a record trading volume of 8.66 million dollars over 24 hours.
The main development that helped drive the price of EWT up was its March 1 SEO on the Kraken exchange. Kraken is currently the fourth largest cryptocurrency exchange by volume and has provided EWT with its largest trading market to date.
Trading volume for EWT increased 265% following its listing on Kraken and today the price continues to rise as members of the community speculate on the next exchange that will list EWT.
EWT announces staking and utility nodes
Another source of optimism for EWT came from February 25 announcement that staking would soon be enabled for token holders in the form of escrow-based Decentralized Service Level Agreements (SLAs), which will be used to create utility nodes that will offer services over the network with the participation acting as an incentive to provide quality services.
According to Jesse Morris, Chief Commercial Officer of Energy Web, the staking mechanism created for EWT is a “new kind of crypto model.”
“This is essential for unlocking tens of thousands of utility nodes (managed by the ecosystem) providing reliable and inexpensive IT services to network operators. No more vendor foreclosures or the tendering required to set up an enterprise application. “
Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for EWT on February 27, ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and Twitter activity .
As shown in the graph above, the VORTECS ™ score for EWT peaked at 67 on February 27, about 60 hours before the price started to drop from $ 12.91 to its current price of $ 17.91. . As of this writing, EWT’s VORTECS ™ score is 80.
The debate around renewables and their integration into the global economy is probably only just beginning, and Energy Web Chain could have the advantage of pioneering the decentralization of the energy industry.
The increase in incentives for token holders, along with new public listings, has enabled EWT to become a leader in the blockchain-based energy market, which is sure to attract new investors. .
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.