What’s Behind Band Protocol’s Spectacular One-Month 300% Pump?

Tony "The Bull" Severino

Last Updated: July 20, 2020 5:00 pm

3 mins read

band protocol crypto bandusdt bandusd bandbtc chainlink linkusd linkusdt

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Its alt season and that means nearly every passing day a new altcoin is taking center stage and providing investors with wild returns. Over the last several weeks, the story has been focused on the unstoppable altcoin Chainlink. But now, things have turned toward another decentralized oracle solution, called Band protocol.

Band has pumped since the start of July by well over 300% and is still soaring. What’s behind the crypto asset’s spectacular single-month surge?

Band Practice: Was Chainlink Just Clearing The Way For a New Oracle Protocol?

Altcoins everywhere are booming. Bitcoin dominance falling from recent highs has left room for the alternative crypto assets to finally regain some lost ground against the king of crypto.

When altcoin season does arrive, assets often go on hundreds to thousand percent rallies leaving Bitcoin in their dust. And that’s exactly what’s happening left and right across the crypto market right now.

In the last month alone, several altcoins have gone on a few hundred percent rallies. Chainlink tops the list with the most highly publicized bull run, with the asset up over 70% this month and over 300% year-to-date.

Buzz has followed the decentralized oracle protocol throughout its existence, keeping its bullish momentum high. The altcoin was even honored by the World Economic Forum recently for its powerful, transformative data technology.

But as analysts fear profit-taking and retracement is near, another decentralized oracle solution has suddenly started surging.

 BANDUSDT Weekly | Source: TradingView

In It For The Tech: Decentralized Oracles Reward Savvy Crypto Investors

Now, it is Band protocol‘s turn to steal Chainlink’s thunder. The asset is up on both the BANDUSD and BANDBTC trading pairs well over 300% and still climbing.

But what’s causing such a powerful run in an altcoin that’s relatively new? Why aren’t investors shifting profits from Chainlink into other top crypto assets like Ethereum or Tezos?

BANDBTC Weekly | Source: TradingView

It is possible, that the same investors fueling the Chainlink rally are also behind the boost to Band. Both crypto altcoins underpin a protocol focused on decentralized oracles, and Band could easily be the next big thing if the technology is really what’s behind the long-term growth of Chainlink.

Chainlink is currently ranked number 10 by market cap, inching closer to just under $3 billion in value. Band protocol, however, is ranked 84 and has a meager market cap of under $100 million. Sharp-eyed investors likely see this as a sound investment in an altcoin with plenty of room to grow, focused on a technology that clearly has hype behind it.

Given Chainlink’s performance and the fact that these investors are sitting so pretty in profit, throwing some spare capital into Band may be a no brainer. It may turn out to be a stroke of brilliance if Band offers similar returns has Chainlink has. And that’s exactly what investors who are actually “in it for the tech” are hoping for.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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