Ocean Protocol rose by more than 32% today to a peak high of $1.43, before falling back to $1.23 at the writing time. This represents an 11.42% increase over the previous 24 hours.

OCEAN’s price is on the path to recovering its all-time high of $1.94 that is set in mid-April this year.

What is Ocean Protocol?

Ocean Protocol is an ecosystem built on blockchain technology that allows data owners and users to unlock the value of data and monetize them through ERC-20-based data tokens.

Each service has a unique token that wraps a dataset and allows third parties to do operations on it in a secure, privacy-preserving manner.

Publishers have the ability to monetize data while maintaining privacy and control via Ocean Protocol. Consumers can access datasets previously unavailable or difficult-to-find. These datasets are available on the Ocean Market app where they can later be consumed or sold.

The following datasets from the Ocean Protocol are currently available and fully functional:

Swash, which is consumer browsing data that includes users’ surfing data through a browser plugin.
Ocean Market Data provides hourly activity data for popular data pool and charts, as well as pool trends and trend information.
These pages include more than 1,000,000 Amazon listings.

Metamask wallets can be used to trade datasets that are available on multiple chains, including energy web chain and Binance Smart Chain. Polygon, Moonriver and Ethereum for OCEAN.

Why is Ocean Protocol’s price on the rise?

Ocean protocol has made several moves at the moment, including opening their subreddit for the public and getting OCEAN added to Bitkub.

Today’s news on the upcoming launch of H2O is the main catalyst behind today’s OCEAN price hike.

With a market cap of $818 million, it’s clear that OCEAN is looking forward to reaching a $1 billion valuation and will need to trade at the $1.63 level. OCEAN will need to overcome the $1.5 resistance in order to reach this level.

OCEAN is a great long-term holding for 2022 as Web3 is preparing to become the next hot thing after Metaverse.