This Is What Makes COTI Prices Skyrocket In February 2024, Will It Happen Again?

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Bittime - The COTI token is the native currency of the Coti network. These tokens are used to pay transaction fees, participate in consensus, and access services in the Coti ecosystem. The COTI token also has a maximum supply of 2 billion coins and a circulation of about 1.5 billion coins.

The price of COTI tokens varies along with demand and supply in the market. According to CoinMarketCap, the COTI token price on February 29, 2024 is $0.22, with a market cap of around $321 million and a daily trading volume of around $44 million.

Why COTI Prices Skyrocketed in February

In February 2024, the price of the COTI token experienced a significant surge, increasing by more than 280%. In just the past week, the value of COTI has more than doubled, up about 130% and hovering around $0.22 by February 29, 2024.

The surge is largely attributed to a series of technological and business advancements that have attracted investor interest. In this article, we'll explore some of the key factors that contribute to the rise in COTI.

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Technology Innovation

COTI has made significant developments in the crypto space, which has sparked investor interest in the crypto. Here are some of the more striking developments:

• Garbled Circuits on Blockchain COTI has successfully demonstrated the application of Garbled Circuits on the blockchain, a cryptographic technique that allows two parties to evaluate a shared function over their input without a trusted third party.

In a Medium post in February 2022, the project said that it had "achieved a revolutionary breakthrough in hidden circuits" allowing the technology to be used on a blockchain for the first time. This is a major step towards improving privacy and computing efficiency on the blockchain.

• Multi-Party Computation (MPC) Protocol Earlier this month, COTI announced that it had integrated its advanced Multi-Party Computation (MPC) protocol into its Ethereum-based L2.

This protocol enables computing that requires confidentiality, allowing sensitive data to be enumerated together without being shared, which is critical for privacy concerns or regulatory requirements.

• $100 Million COTI Development Fund Recently, the COTI Foundation announced targeted use cases and focus areas for their $100 million development fund, all of which will be allocated in COTI tokens.

The fund aims to support projects in various sectors, including decentralized finance (DeFi), data management, artificial intelligence (AI), GameFi, and others. Developers are encouraged to apply for funding through a selection process.

Strategic Partnership

COTI has also established strategic partnerships with several large and influential blockchain projects, which increases its credibility and visibility in the industry. Here are some of the most prominent partnerships:

• Cardano Foundation COTI and Cardano Foundation have teamed up to develop payment solutions based on ada, the native currency of the Cardano network. This solution allows merchants to accept payments within there easily and directly through their website.

COTI has also launched Djed, an algorithmic stablecoin backed by Cardano, which aims to create price stability and liquidity in the Cardano ecosystem.

• Chainlink COTI has integrated its Trust Score and ranking mechanisms into Chainlink's oracle and smart contract framework. It adds support for trust-based events in smart contracts, allowing user incentives according to predefined trust score thresholds.

For example, a user will be eligible to receive tokens if his trust score is above a certain threshold for one year or, alternatively, a user can receive a bonus for making transactions in a trustworthy manner.

• Orion Protocol COTI and Orion Protocol have collaborated to integrate Orion's liquidity solution into the COTI network. The solution allows COTI users to access cross-chain liquidity from a variety of sources, including central and decentralized exchanges, without the need to create accounts or divest their assets.

The solution also improves trading efficiency and security, by reducing costs, slippage, and execution risk.

Conclusion

With its innovative technology and growing ecosystem, COTI has gained traction as a promising blockchain project. This has led to a number of bullish forecasts, with predictions suggesting significant growth potential.

In talks about the token and its future, Anndy Lian, an intergovernmental blockchain expert, told Techopedia: "Their narrative of 'increased privacy on the chain,' announced at the end of 2023, caught my attention. They want to launch Ethereum Layer 2 - COTI V2 - in 2024."

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How to Buy Coti (COTI) on Bittime

You can buy and sell Coti (COTI) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Coti (COTI) is available on Bittime with the market pair COTI/IDR. To be able to buy COTI IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Coti (COTI) on Bittime.

Monitor the price chart movements of Coti (COTI), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

COTI Price Prediction 2024 - 2030: Will COTI Go Up or Down?

COTI Price Rises Dramatically, Here's the Analysis and Causes!

COTI Price Soars, Does This Token Maintain Its Momentum?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.