Kyber suddenly pumps: but what’s caused it?

Kyber zooms up by nearly 20% in a day – but why?

On what’s been a relatively quiet day for the cryptocurrency markets, with the top ten coins nudging less than 1% on price apiece, eyebrows have been raised by the sudden surge in value for the Kyber Network coin (KNC). In particular, over the past 12 hours.

Things started to bubble up in the early hours, before a sudden surge of interest pretty much on the dot of 4.30am UK time. Volumes, that had been negligible over the past two weeks, rocketed as well.

Here’s the data from the last 24 hours, from CryptoCompare.

Which begs the question: what caused the spike?

KNC has been here before, having been the benefit of sudden upwards price shifts following announcements of tech updates that it posted over the summer (you can read about them here).

The strong suspicion is that an announcement is coming from Kyber over the coming day or two, that somehow, the market has got hold of in advance. One or two early stories have suggested so, with rumours of it being part of a new project involving Bitcoin and Ethereum. But no official confirmation at the time of writing has been forthcoming.

UPDATE: It seems we have an answer!

Until then, the most announcement that’s come out of Kyber recently is this, but it’s hard to see how that would cause such a price shift.

KNC has had a good overall week in general, lifting just shy of 10% in value over the past week, even before today’s spike. Today, though, the price shot up by near 20% at its peak, and that’s what got eyebrows duly lifted.

More news as we get it, but the expectation now is that something is just around the corner.

Image: BigStock