On Monday, 3rd September, the severely bearish market saw a sudden bullish rise by a surprise candidate, Holo [HOT]. The sudden surge was made even more prominent with the top fifty cryptocurrencies seeing all red on the charts. Even major cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] were affected by the bearish market.
At the time of writing, Holo was rising at a staggering 55.15% and was trading at $0.0014. The cryptocurrency held a market cap of $189.324 million and a 24-hour market volume of $32.432 million.
Holo’s graph | Source: CoinMarketCap
On the other hand, at press time, Bitcoin was sliding at a rate of 0.50%, an exact reflection of the bear market. BTC was trading at $7237 and held a market cap of $124.828 billion. The cryptocurrency, with a 24- hour market volume of $3.832 billion, was still miles ahead of its counterparts in terms of sheer market share.
Ethereum, Bitcoin’s competitor was affected the most in the top five cryptocurrencies, falling at a rate of 2.03%. At the time of writing, Ethereum was trading at $288 with a market cap of $29.296 billion.
Holo’s sudden rise was met with a lot of expected surprise with Chricky Chambers, a Twitter user commenting:
“Can anyone explain what is happening with #Holochain $HOT??Starting to pump or what????”
Cryptoclast, another Twitter user stated:
“People discovering the project and getting onboard. Honestly, this is what the world needs. Impossible to read the green and white papers and not have a “holy shit” moment #holochain”
Holo is a decentralized hosting platform that serves cryptocurrency users with absolutely functioning decentralized applications. The HOT token is part of the Holochain network which is created as a framework for distributed applications. The organization has stated it keeps three major values as its core functionalities:
- Decentralization with no bottlenecks and adaptable validation
- Absence of centralized servers, ledgers, and middlemen
- The service of providing individuals the authority over sharing data, access, and storage
Holochain’s website states:
“Holochain enables a distributed web with user autonomy built directly into its architecture and protocols. Data is about remembering our lived and shared experiences. Distributing the storage and processing of that data can change how we coordinate and interact. With digital integration under user control, Holochain liberates our online lives from corporate control over our choices and information.”
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