Holochain (HOT) Soars Double Digits on Rising Volume

With the bitcoin price now perched above $7,000, it’s easy to overlook the contribution of the altcoins to the market rally. Altcoin values are on the rise too, as evidenced by the total value of the market expanding to $233 billion and bitcoin’s dominance slipping below 53%.

The symbol for Holochain, which is a framework for peer-to-peer apps, is HOT, and indeed the coin is on fire today. HOT advanced more than 21% this morning but has since trimmed its gains to approximately 11%. HOT may be a smaller coin, but it’s traded across the BTC and ETH markets on the biggest cryptocurrency exchange Binance where the trading pairs rank as No. 36 and No. 42, respectively.

Source: CoinMarketCap

Holochain isn’t based on blockchain technology and boasts a faster and more scalable solution than “a single platform like Ethereum,” according to a Holochain developer.

Trading volume in HOT has soared in recent days, having gone from the low million-dollar range on average to more than $14 million on Aug. 28 and more than $16 million today. Volume climbed as high as $45 million in July, which is the month in which Binance listed the HOT token. Just yesterday, Singapore-based Sobit exchange similarly listed HOT coin. In August, HOT’s value has increased by approximately 37% and over the last two days, the coin has been trading at its best levels of the month.

Holochain/Mozilla Connection

Also, there is buzz surrounding a budding partnership between Holochain and Mozilla, the latter of which is behind the Firefox browser. Mozilla CFO Jim Cook, who is also co-founder of Netflix in a YouTube video from earlier this year touted Holochain for its prescient technology, so a deal between the two players wouldn’t be farfetched.

Cook said Holochain’s technology is designed to decentralize the “power on the blockchain”, a power that hasn’t even centralized yet. Cook points to the internet where leaders like Google and Facebook have control and expects that eventually, the power will similarly centralize on the blockchain, at which time Holochain with its peer-to-peer applications “will be ahead of the game.”

High-profile partnerships go a long way in the crypto community, as evidenced by the bull run in fellow altcoin Dash since the project partnered with Latin American mobile phone maker Kripto Mobile. Dash is up another 6% today.

Altcoin Rally

HOT’s gains could be a function of the altcoin correlation with the bitcoin price rather than any individual catalyst at the Holochain project. Nonetheless, the gains in the HOT price are in the double-digit percentage range while most altcoins are up by a single-digit percentage. Holo, which is built on Holochain, has an ask-me-anything event scheduled for Sept. 4.

Featured image courtesy of Shutterstock.

Author:
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.