BAND – the token for Band Protocol's decentralized oracle network – has been one of the most powerful digital assets in recent weeks, increasing 32-fold since the start of the year.
Much of those gains have been made in the past few days, and the token's uptrend turned parabolic after news broke that it was listed on Coinbase Pro.
This coveted listing coupled with a massive surge in integrations has fueled the upward trend.
This price increase was neither fleeting nor unjustified as the cryptocurrency was able to maintain its recent gains despite strong selling pressure.
Data on the number of unique active addresses also shows that a large number of investors are seeking exposure to BAND – a sign that the upward trend may still expand.
The tape log sets new highs as the parabolic uptrend continues to increase
At the time of writing, BAND is trading over 18% at its current price of $ 16.50.
Yesterday, the tape log token rose to its all-time high of almost $ 18.00 before facing massive selling pressure that drove it to lows of $ 10.50 on some trading platforms.
The drop to these lows seen last night was fleeting, however, as buyers subsequently moved up and “bought” the drop – which resulted in a sharp rise to current price levels.
BAND now appears to be consolidating as bulls seek even more support as they target higher highs.
One factor that may drive the price up is the comparisons and similarities between Band Protocol and Chainlink – as both are oracle networks.
Many investors may use LINK's multi-billion dollar market cap as an anchor for what BAND might one day trade on. This could be a factor in the continued parabolic advancement as Messari's analytics platform Remarks::
“BAND recently removed a page straight from the LINK manual with a number of announcements on partnership and integration, including a Coinbase Pro list. Up to 32 times the year, the relative evaluation game and the anchor has proven itself for LINK so far. "
Image Courtesy of Messari.
Unique BAND token addresses up 42%
Over the past two weeks, the number of unique non-zero BAND wallet addresses has increased by 42%.
This suggests some fundamental growth that supports the strong price movement the token has seen lately.
“The number of unique non-zero addresses that contain BAND has increased 42% in the past 2 weeks! This indicator continues to grow exponentially as new investors enter the market (Band Protocol) train, ”said one researcher written down.
Image Courtesy of Glassnode.
Unless the big digital assets bounce back at the expense of smaller altcoins, there are no obvious signs that BAND's uptrend is about to end.
Featured image from Unsplash.