Here’s why crypto like Treehouse, Pi Network, and Wormhole are going up
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The crypto market was mixed this week as traders reflected on the Federal Reserve and the latest NVIDIA earnings. Bitcoin fell to $110,000 earlier during the week and then stabilized at $112,000. Ethereum price also held steady as ETF inflows jumped.
This article explores why top cryptocurrencies like Treehouse (TREE), Pi Network (Pi), and Wormhole (W) jumped suddenly this week.
Why Wormhole price is going up
Wormhole is one of the most important players in the crypto industry, where it provides bridge solutions that connect various blockchains. It is a crucial network for ensuring interoperability, which is important as the number of blockchains grows.
Wormhole price surged to $0.1 this week, its highest level since July 22 and 85% above the lowest level this year. The jump happened after the US selected Pyth Network as its chain for government data. This is notable since Pyth and Wormhole powers Pyth by providing it with data feeds across various networks.
Wormhole price also jumped after its native token transfers (NTT) moved to the Sui network. This is notable since Sui is one of the most popular layer-1 chains in the industry.
Treehouse price surges after Upbit listing
Meanwhile, Treehouse price surged to a high of $0.5984, its highest level since August 1. At its peak, TREE price was up by over 115% from its lowest level this month, making it one of the top gainers. It was trading at $0.3775 on Friday as it erased some of these gains.
Treehouse price jumped after it was listed by Upbit, the biggest crypto exchange in South Korea, one of the most active countries in terms of crypto trading.
It is common for cryptocurrencies to surge after they are listed in Upbit, although these gains tend to be brief. This happens as more South Koreans buy.
Data shows that Treehouse trading volume jumped by 1,600% in the last 24 hours to over $700 million. Upbit’s volume jumped to over $280 million. Its daily volume was much higher than its market capitalization of over $58 million.
Pi Network (PI)
Pi Network price rose by over 5% in the last 24 hours, with its daily volume jumping to over $64 million.
There are three main reasons why the Pi Network price is soaring. First, it jumped as investors waited for the upcoming upgrade that will see it move from Stellar’s Protocol V19 to V23, which will introduce new changes to its platform.
Second, Pi coin price rose after Valour, an asset manager with over $1 billion, filed for the first Pi Exchange Traded Product (ETP) that may lead to more accumulation.
Third, technicals also contributed to the rally. The Pi Network price has formed a falling wedge pattern and a double bottom, indicating a potential surge in the coming weeks.
On top of this, it has moved to the accumulation phase of the Wyckoff Theory, which is usually followed by the make-up phase where prices go parabolic.
Read more: Behind the hype: Is Pi Network a $70 billion ghost chain?
The post Here’s why crypto like Treehouse, Pi Network, and Wormhole are going up appeared first on Invezz
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