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The governance token of the Kava network, KAVA, has seen tremendous growth in the midst of the current market-wide uptrend. Even though most cryptocurrencies gave in to the recently fading negative trend, the token has increased significantly.
With seeing a price increase of about 37.27% over the last 30 days, KAVA has beaten the majority of top coins and may yet experience increases. As of this writing, the price of KAVA has risen 15.05% the previous day. The market’s mood in the upcoming days will determine if it can maintain its climb.
A recent tweet revealed that over the previous seven days, KAVA emerged as Cosmos IBC Networks’ top gainer. Among the elements maintaining its price surges over the previous several days are its developer incentive funds. The Kava network introduced a $750 million incentive fund for developers who wish to create blockchain-based products on March 10. Top protocols would receive awards each month based on how much of the network they use.
The recent improvement in market mood following the collapse of US bank equities is another factor affecting the price movement of KAVA. The recent approval by the Fed of a lending initiative for failing banks raises the possibility that the much-awaited bps increase in interest rates may not be as aggressive as anticipated.
Many believe that the US Federal Reserve will modify its approach to managing inflation in light of the present economic climate. Now that three major American banks have failed as a result of liquidity problems, this result could be feasible.
According to information made public on Friday, March 10, the US added 311,000 new jobs while maintaining a 3.6% unemployment rate. Although there is a lot of employment, pay push inflation is declining. Analysts said that the US inflation rate only marginally decreased in February.
Despite so, the current bank problems and the Fed’s meddling imply that the aggressive rate rises may be curbed.
Also, since cryptocurrencies might offer an alternative investment choice, a decline in bank stock could weaken the case for widespread cryptocurrency adoption. Cryptocurrency may gain greater momentum and improve market mood as a result of waning trust in conventional financial institutions and rising desire for secure investing solutions. As a result of these elements, the sentiment in the crypto market has improved today.
The worldwide crypto market value saw a gain of 11.94% over the last 24 hours, showing that cryptocurrencies are now thriving in the rosy environment. After a gradual fall in value for several days, this improvement occurred.
At $1.18, KAVA is currently up 16.32% over the past 24 hours. According to historical statistics, the coin’s price has increased significantly since February, prior to the collapse. If the market maintains its strong mood in the upcoming days, KAVA might accrue additional victories.
