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Phoenix Global (PHB) crypto rallies over 35%. Here’s why
Phoenix Global (PHB) crypto is primarily a Binance Smart Chain driven network which hosts next-generation consumer-focused DApps. As a consumer-driven protocol, PHB crypto empowers businesses by providing them with blockchain technology that supports the development of DApps to enhance customer experience.
The PHB uses a two-fold consensus mechanism – Delegated Proof-of-Stake (DPoS) and Proof-of-Stake, which allows the protocol to seamlessly transfer assets between its main network and side networks. Through the PHB blockchain network, enterprises can increase their scalability and flexibility by using a multi-layered smart contract system
The PHB crypto on 16 September was one of the top gainers of the day amongst the top 500 cryptos, with a gain of over 35.55% at 5:00 AM (GMT +1). From the volume perspective, too, the token was witnessing a gain of 106.5% in the past 24 hours, according to CoinMarketCap.
Why is PHB crypto rallying?
The PHB crypto has been on a bull run of late. The token has registered over 1224.3% over the past 30 days and 324.2% over the past week. Today’s gain seems to follow the momentum that the crypto has been building up over the past few weeks.
To add to that, Binance Futures, on 15 September, announced the launch of PHBBUSD perpetual contracts with up to 20x leverage. The PHBBUSD perpetual contracts will go live on 16 September at 02:30 (UTC).
PHB crypto has, in fact, been thick of things of late. Just a couple of days ago, on 13 September, the PHB crypto recorded its all-time high price of US$2.50. The ATH may be due to its Layer-2 upgrade, which made Phoenix the first blockchain that supports both Multi-Party Computation and decentralized AI. This will help the developers to use mainstream open-source platforms such as TensorFlow with Phoenix Layer-2.
PHB’s market performance
Buoyed by the recent developments, the PHB’s momentum has witnessed a sudden bump raising its RSI to 74.08 during intra-day trading on Friday.
Image credit: Trading View
MACD indicators indicate heavy momentum build-up with the MACD line and Histogram in the positive zone. This has also been backed by increasing volume as well.
As of 16 September, the 320-ranked token was trading at US$1.61 with a trading volume of US$16,76,41,849. The Phoenix Global token enjoyed a live market cap of US$5,96,17,080 with 3,71,36,775 PHB coins in circulation.
While the PHB crypto has witnessed significant gains, including hitting the ATH, one must understand that the crypto markets are often riskier and volatile. Its performance can change at any given point in time. Therefore, one must always ensure proper research before making critical investment decisions. Any decision taken without adequate research may lead to financial losses.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
Manu Shankar is a senior journalist and editor with over 15 years of experience across leading media houses. At Kalkine, he writes on cryptocurrencies and equity markets. He’s passionate about sports and music….
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