Waves Token Eyes Return to Six-Month High Following Successful Vostok Investment Round

Waves token traded higher on Saturday, moving in the opposite direction of the general market following a highly lucrative funding round of its new blockchain project. The cryptocurrency, now ranked 19th by market capitalization, has outperformed its peers amid the latest downtrend, a sign that fundamentals were working in its favor.

Waves Price Update

The value of Waves token reached a high of $4.07 early Saturday. It was last valued at $3.70, having gained 6.1% over the past 24 hours.

Waves breached the $4.40 level at the height of the corrective rally this week, its highest in six months. The coin is trading in positive territory over multiple longer-term time frames, including three months and six months, which is a rare feat given the prolonged market downtrend.

Trading in Waves token reached $78 million on Saturday, which is equivalent to 20,011 BTC, according to CoinMarketCap. The WAVES/BTC trading pair on Binance accounted for nearly half of the daily transactions. The South Korean won was the quote currency on roughly 20% of total trades.

At current values, Waves has a total market capitalization of $370 million, placing it 19th among active cryptocurrencies. The broader market was down roughly $4.5 billion at the time of writing, with bitcoin and the major altcoins registering losses.

Vostok Funding

Waves has been the recipient of positive fundamental news of late ranging from the launch of an all-in-one mobile app to the successful funding of the Vostok initial coin offering (ICO). Under the guidance of Waves, Vostok is a “universal blockchain solution” for enterprise and government IT systems. It comes private blockchain solutions with optimization tools that will enable Waves to develop a decentralized web.

The Vostok project has raised $120 million in the first private investment round, setting the stage for an ambitious roadmap. According to a blog post published earlier this week, Waves’ community members will receive 3% of the newly created Vostok System Tokens (VST) via airdrop.

The Vostok system integrator is a key component of the project and will allow the company to maintain, develop and optimize the platform. Waves says it has already established a “number of fruitful partnerships with leading technology companies, financial institutions, public service providers and enterprises” in support of the project.

“Our upcoming system integrator will see the Vostok platform positioned to form the foundation for a digital infrastructure for the certification, registration and tracking of data in these sectors,” the blog reads.

The successful funding of Vostok puts Waves on track to become the first WEB3 company, a loose term that describes the development and integration of emerging technologies with the internet.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi