- Crypto markets have had a rollercoaster week.
- Nervous Network defies market trend with impressive gains.
- The CKB token dominates the top 100.
A jittery week for crypto markets saw a broad price decline, underscoring volatility risk. Though prices recovered slightly from early-week lows, the market overall has stayed flat as the working week winds down.
Despite the sluggish market conditions, Nervos Network’s CKB token broke away from the pack, surging 70% in intraday trading. This sharp rally catapulted it to lead the top 100 tokens, fueled by the announcement of its listing on South Korea’s Upbit exchange.
Nervos’ CKB Token Dominates Crypto Market
While the broader crypto market closed the week flat, Nervos Network defied the trend, posting an impressive 70% intraday gain. The rally pushed CKB to a 13-week high of $0.01483, placing it as the top-performing token in the top 100.
The surge coincided with the announcement that South Korea’s Upbit exchange had listed the CKB token, with trading going live at 11:00 BST on August 13. Upbit users can now trade CKB across the KRW, BTC, and USDT trading pairs.
Data from CoinPaprika highlighted the impact, showing that trading volume for CKB soared over 400% in just 24 hours, skyrocketing from $25 million to $126.7 million, signaling strong participation from Korean traders.
The recent surge in CKB’s price has sparked curiosity about this relatively under-the-radar project.
What is Nervos Network?
Nervos Network is a modular blockchain platform designed to enhance Bitcoin’s capabilities as a layer 2. Its focus is on supporting decentralized applications and scaling solutions. Its architecture enables developers to build on Bitcoin without altering its core.
The native token, CKB (Common Knowledge Byte), plays a central role within the ecosystem. It facilitates network operations, pays transaction fees, and enables users to participate in governance through the Nervos DAO.
Nervos Network employs a set of open-source protocols known as Really Good Bitcoin (RGB). These protocols execute smart contracts off-chain and enable client-side validation. This approach enhances privacy and scalability, allowing for more complex contracts without straining the Bitcoin base layer.
On the Flipside
- Upbit leads South Korea’s crypto exchange market with an 80% share.
- CKB is down 70% from its $0.04371 ATH, achieved in May 2021.
- The CKB token is inflationary, which the team considers the best approach to maintain mining sustainability.
Why This Matters
Nervos Network’s breakout potentially signals a shift in market focus toward Bitcoin layer 2s.
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