IOST (IOST) Extends Rally on Heightened Binance Activity
IOST was one of the altcoins that took over as Chinese traders rekindled their enthusiasm.
IOST (IOST) was one of the coins awakened out of dormancy by the recent enthusiasm from Chinese traders. IOST is up more than 73% this week, rising from rock-bottom prices. The asset traded at $0.006 and 75 Satoshi, a position with a significant upside for potential gains.
The IOST project got a boost after its founder, Terry Wang, presented the project before a Chinese state-owned TV channel. The effect of the publicity extended in the days after the presentation.
The recent rally, adding another 7% in the past days, happens on relatively slim volumes under 9,000 BTC. IOST has traded as high as $0.12 right after its launch, and at around $0.06 during the 2017 altcoin rally.
Volumes are unpredictable for IOST, moving from a record above $700 million in a day, to lows of under $3 million. Now, IOST is back in the game, as an asset that can shift gears and offer more significant returns.
Like other booming assets, IOST depends on its Binance pairings to achieve the climb. This pattern has been noted in assets like Chainlink (LINK), and Cosmos (ATOM). At this point, the rally of IOST looks small in proportion to the losses during the bear market. But IOST has climbed as high as $0.016 during the spring of 2019, and may achieve a similar climb.
IOST was seen as having the potential to achieve a new type of consensus. However, the coin ended up attracting a community around its rather lucrative staking, which also supported the network.
For instance, staking 10,000 IOST would return annual rewards worth around $84 at current prices. Still, staking is risky due to the price volatility while holding onto the rewards.