Cartesi price is up over 21% today, making it one of the best performing cryptocurrencies on Crypto.com. Let’s take a closer look at Cartesi and its CTSI token and find out what all the hype is about.
What Is Cartesi?
Cartesi is a smart contracts platform that bridges the gap between mainstream programming languages and smart contracts. With Cartesi, developers can code smart contracts with frameworks like: Python, REST, MongoDB, MySQL, Ruby, and much more. CTSI is the utility token that powers the Cartesi platform.
One of Cartesi’s biggest selling points is their decentralized Oracle, called Descartes. If you’re unfamiliar with blockchain Oracles, it refers to a mechanism for getting off-chain data onto the blockchain.
According to their official website, Descartes can “defeat the scalability limits of Ethereum, with million-fold computational gains, while preserving the strong security guarantees of the blockchain.”
Why Is Cartesi Price Rising?
The most recent news regarding Cartesi has to do with their Noether and RockX partnership. In an announcement titled: “Why we’re excited RockX launched a pool with Noether“, Nathalie Brahler, Head of Marketing at Cartesi said:
“We are delighted RockX launched a pool with Cartesi’s Noether’s Staking Delegation. The Cartesi Explorer now allows users on Mainnet to delegate to RockX’s pool, for an all-around seamless experience.“
Noether is Cartesi’s side-chain designed for temporary data. It allows DApps to achieve higher throughput for less fees. Noether also has a proof of stake system that allows users to stake their CTSI and earn mine rewards.
RockX is an Asia based mining pool that allows anyone to capitalize off the growing crypto economy. It has a user friendly interface and a team of tech experts that make staking cryptocurrency much easier.
There’s no doubt that the recent partnership has brought much more exposure to Cartesi. Looking at CTSI’s trading volume over the past 24 hours, we can see that Binance accounts for over 40% of it. This means that there’s definitely interest from the Asian markets, which only makes sense since RockX is an Asia based mining pool.
CTSI Price & Tokenomics
At the time of writing CTSI is trading at $1.09, up over 19% in the past 24 hours, and up over 25% in the past week. Cartesi’s total market cap is at $514.9 million, placing it as the top 150th largest cryptocurrency on the market.
CTSI’s 24 hour trading volume is at $647 million, signifying there’s high interest in the market.
The total supply for CTSI is 1 billion, out of which 482.7 million are in circulation. With over 49% of tokens locked up, and high trading volume, CTSI has a good short term outlook.
Keep in mind the current CTSI price is 61.5% of its ATH, meaning it wouldn’t be surprising to see Cartesi double before the end of the year, in an attempt to set a new ATH.
This is not trading or investment advice, always do your own research when buying any cryptocurrency.
Follow us on twitter @thevrsoldier to stay up to date with the latest cryptocurrency news!