BAND’s Recent Uptrend Is Backed By 42% Surge In Unique Addresses

BAND’s recent uptrend in price is backed by a 42% surge in unique addresses, still being one of the best-performing assets recently. In our latest altcoin news, we can see that BAND surged by 32% since the start of the year.

A bigger portion of the gains came about over the past few days with the token’s uptrend turning parabolic as news broke of it being listed on Coinbase Pro. This listing brought a massive surge in integrations as it has fueled the uptrend. The price growth was not fleeting as the cryptocurrency was able to maintain the recent gain despite the heavy selling pressure. The data regarding the amount of unique active addresses shows that a bigger number of investors are moving to gain more exposure to BAND which is a sign that the BAND’s recent uptrend could extend further.

At the time of writing, Band is trading over 18% at a current price of $16.50. The asset rallied to its all-time high of $18 before facing a huge selling pressure that threw it to the $10.50 position on some exchanges. The dip to the lows was fleeting as the buyers stepped up and purchased it resulting in the strong surge up to the current price levels. BAND now seems to be consolidating as the bulls try to garner more support as they are targeting higher highs. One factor that could be driving the price higher is the similarities between the asset and Chainlink as they are both oracle networks.

Many investors could be using LINK’s billion market cap as an anchor for what the protocol could be trading at. This could be a factor behind the ongoing parabolic advance as Messari analysts wrote:

$BAND has recently taken a page straight out of the $LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing.

Up over 32x on the year, its relative valuation play and anchor to LINK has worked so far. pic.twitter.com/oC3cGaHRu0

— Messari (@MessariCrypto) August 10, 2020

 “BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing. Up over 32x on the year, its relative valuation play and anchor to LINK has worked so far.”

Over the past two weeks, the number of BAND wallet addresses increased by 42% which points to a growth of the strong price action:

 “The number of unique non-zero addresses holding BAND has increased by 42% in the past 2 weeks! This indicator continues to increase exponentially as new investors are jumping onto the [Band Protocol] train.”

The number of unique non-zero addresses holding $BAND has increased by 42% in the past 2 weeks!

This indicator continues to increase exponentially as new investors are jumping onto the @BandProtocol train #bullish #altcoins

Source: @glassnode pic.twitter.com/evr9N2Ztud

— Double-U (@DoubleU_theory) August 10, 2020