As the price of API3 has risen by more than 42%, it is in line with other cryptocurrencies like Ethereum and Bitcoin. The API3 token traded at $6.87 as of the writing.
API3 rallies come amid larger crypto market turmoil that has seen Bitcoin drop to $35K (the largest cryptocurrency by market capital) and Ethereum drop to $25K (the second-largest cryptocurrency).
API3 is only $2 short of the all-time record of $10.31, which it reached in April 2021. The current trend, where it gained more than $2 within 24 hours, suggests that it could soon reach an all-time high.
Why is the API3 price rally happening at a time when most coins are falling? This is the complete reason for the price rally.
What is API3?
API3 is the native token for the API3 blockchain network.
API3 Blockchain Network is dedicated to decentralized APIs that can be built, managed and monetized.
The team behind the API3 project believes smart contracts can be used to provide “timely, reliable real-world data” as is the case with the traditional APIs.
Why API3 is rising in price
Binance announced that it would list API3 today and will then make the listing on the crypto exchange. This is the reason for the rally in API3.
The following is an announcement posted on the Binance website on January 2021 at around 9:38 AM. Crypto exchange promised to list API3 token today, January 22nd.
Binance also posted about the same via its Twitter handle, setting the API3 community ablaze.
#BinanceList @API3DAO #API3 https://t.co/M25whlBkNQ
— Binance (@binance) January 21, 2022
In fact, the API3 prices had been rising in anticipation of the listing. The price rocketed to the moon once Binance made it public.
Today’s price was unchanged as Binance’s Bull Run realized what it had promised yesterday.
Recent #Binance listing: #API3@API3DAOThis data oracle allows APIs and third-party intermediaries to direct data feeds to blockchain applications.
Find out more👇https://t.co/0DbTVpBQYQ
— Binance (@binance) January 22, 2022
API3 was experiencing a pullback prior to the listing news. It had begun in November 2021 and had been corrected in December.
Investors now expect API3 to continue its rally to $10 and more, particularly since API3 has proven resilience by rising up during a down market.
