The demand for the cryptocurrency Ankr skyrocketed on Wednesday, August 24th, which led to a price increase for the cryptocurrency. The Ankr price increased by almost 10% in the last 24 hours, reaching $0.042, while this week’s low was $0.035. The new price is lower than this month’s high of $0.057, but it is still about 85% higher than the lowest price this year. The cryptocurrency’s market capitalization is almost $400 million.
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Ankr Staking drives prices
Ankr Protocol is a leading blockchain project built on the Cosmos ecosystem. It is an infrastructure network where nodes can operate independently.
Ankr is widely used by developers building on leading smart contract platforms such as Avalanche, Ethereum, and Solana. Its main product is tasked with handling remote procedure calls (RPCs). According to Ankr’s website, over 7.2 billion RPC calls are sent to blockchains every day.
As a proof-of-stake (PoS) platform, Ankr uses node providers that provide their own infrastructure to receive requests from the network. Thousands of operators of these nodes and over 39,000 developers use the platform to build scalable applications.
Ankr also has other products in its ecosystem. These include advanced APIs, staking SDKs and a multi-chain block explorer.
The Ankr share price has performed so well in recent weeks because new staking protocols have been introduced. These allow investors to earn a return when they deposit their Ankr coins into crypto savings accounts.
This version of staking differs from that of other PoS networks. Instead of delegating ANKR tokens to validator nodes, staking is done at full nodes. The goal here is to promote Web3 integration and allow users to earn ANKR for it.
Another reason for the rise in Ankr price in the investment of Binance Labs, one of the largest companies in the crypto industry.
Ankr price forecast
On the chart, it can be seen that the ANKR price reached a high of $0.058 on August 11. After that, it fell again as investors took profits and finally reached the important support at $0.03. This price level marked the highest level on July 20.
Since then, the Ankr price has recovered and is moving slightly above the 25- and 50-day moving averages. At the same time, the Relative Strength Index (RSI) has moved above the neutral point at 50.
It is therefore likely that the price will continue to rise as the bulls target the important resistance at $0.05.
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