Chia Network price ($XCH) is up over 36% today, setting a new all time high of $225 followed by a test of support at $217. Let’s see what all the hype is about and why Chia’s price is rising.
What Is Chia Network?
Founded by Bram Cohen, the inventor of the BitTorrent network, the Chia Network is:
“A new blockchain and smart transaction platform that is easier to use, more efficient, and secure.
Chia has its own smart transaction programming language called Chialisp, making it easy to audit and secure applications released on the network.
Moreover, what sets Chia apart is the fact that it uses a brand new Nakamoto style consensus algorithm that uses Proofs of Space and Time “PoST”.
The new algorithm utilizes unused disk space instead of using the energy intensive Proof of Work algorithms making it much friendlier to the environment that traditional cryptocurrencies.
For more information on Chia’s “PoST” algorithm I would highly recommend to check out their Green Paper.
Why Is Chia Network’s Price Rising?
The latest announcement on Chia Network’s official twitter is about an upcoming presentation by the team tomorrow at Bloomber’s Financial Innovation Summit.
We’re excited for @BloombergLive’s #FinInnovationSummit and are ready to discuss disruption, innovation and #crypto. Our own @hoffmang and David Frazee will be on a panel tomorrow morning at 10:05 AM EDT!https://t.co/PAlg2lPSok pic.twitter.com/VG0slRS7Oo
— Chia Project (@chia_project) November 4, 2021
Recently, we have seen several cryptocurrencies rise dramatically in price due to upcoming announcements about hosting / attending a major cryptocurrency convention.
For example, Smooth Love Potion ($SLP) the biggest gainer today increase over 50% in price amid their NFT.NYC presentation.
Another example is Rarible’s price, which went up 18% as the team announced and upcoming conference to be held on November 6-7 that they helped put together.
We can only speculate whether upcoming events and presentations are the cause for such price fluctuations. However, we can all agree that convincing a room full of investors that your project is worth it is a sure way to garner bullish momentum.
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