Why Did Kyber Rally When Most Other Cryptocurrencies are in the Red?

Most cryptocurrencies are in the red today and are reporting minor losses. The majority have lost minor amounts which is on average less than 1%. This includes Bitcoin (BTC) which lost 0.46%, Ethereum (ETH) which took a larger hit at 0.94% and XRP which slid by 0.38%.

There were a few that managed to make some gains, such as Bitcoin Cash (BCH) which gained 1.10%. Others include Bitcoin SV (BSV) which grew by 6%, but today’s biggest surprise was Kyber (KNC). The Kyber Network rallied by 32% in the past 24 hours and is currently trading at $0.780758. This is the highest price Kyber has seen since mid-2018.

Kyber is part of Ethereum’s DeFi ecosystem and is a DEX of sorts that allows easy token ERC-20 swaps.

Kyber’s Volume Causing Rally?
Earlier today Kyber released a few tweets that might have strengthened the rally we’ve seen today. The timing of the first tweet is marked approximately by the red X and referred to Kyber’s volume as a DEX. It was originally tweeted by blockchain advisor Anndy Lian and was immediately retweeted by the Kyber Network.