New crypto Coti has the market buzzing
Latest cryptocurrency news, another new crypto coin has the market buzzing following a big announcement, with wild estimates it might be worth $A2700 in a few years.
Following a major announcement this week, the cryptocurrency market is abuzz with excitement over a new cryptocurrency coin. According to Kalkin Media, the cryptocurrency Coti crypto, which stands for “currency of the internet,” made waves when it announced that its native coins could be converted into euros. Customers can convert Coti to euros through a Coti bank account and then spend the money through a debit card. Coti’s trading volume increased by more than 500 percent in the 24 hours following the announcement, and the coin’s value increased by nearly 30 percent as of Thursday.
According to Coinbase, the value of Coti is now $A0.53, representing a gain of more than 16 per cent in the last day. It comes at a time when the value of the Shiba Inu coin, as well as the value of Bitcoin, has declined. CoinBase said that the value of Shina Inu has increased by 11 percent in the last day. During the previous day, bitcoin rose by 3.5 percent to $A70,017. In recent months, the cryptocurrency Coti has attracted the attention of a growing number of investors.
What is Coti?
Coti is a blockchain platform that provides organizations with the tools they need to develop their own payment system. For example, merchants can generate branded stablecoins to increase the number of payment methods available to customers. The platform also has its own token, which goes by the same name as the platform. It was in 2017 that the Coti group was established, with the name “Coti” standing for “money of the internet.”.
It is currently trading at $A0.53, an increase of 18 percent over the previous week and an increase of 875 percent over the previous year. It comes after the cryptocurrency touched $0.6587, the highest level it has ever reached, on September 25. On the other hand, it was only worth $0.04576 on January 1st this year, according to the most recent available data. After the announcement that Coti will release a new stablecoin for the Cardano system, dubbed Djed, the cryptocurrency’s value skyrocketed in September.
“A Cardano-backed investment vehicle, known as cFund, invested $500,000 in Coti early this year – therefore it should come as no surprise that the two teams are now working closely together,” Zak Killermann, fintech and crypto expert of Finder, told The Sun: “The two teams are now working closely together.” “Djed intends to be more transparent and liquid than existing stablecoins such as USDT and USDC, and will serve a dual purpose on the Cardano network by serving as both a stablecoin and a transaction coin.”
Because of this coupling between the two networks, there may be more direct price correlations between ADA and COTI in the future. Therefore, investors in COTI may wish to pay closer attention to ADA’s price movements and news in the future.