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Up 50%: Ethos Rallies Big After Crypto Wallet Launch
A token seeking to power an ecosystem of applications is consolidating gains after a bout of big news this week.
Updated Dec 12, 2022, 1:53 p.m. Published Jul 5, 2018, 2:30 p.m.
Gravity-defying might be the best way to describe the "ethos" token market this week.
Designed to power an ecosystem of payment gateways and wallets, the ethereum-based token picked up a bid at $1.20 a week ago developers behind the effort informed markets about an impending "big announcement." Traders responded and the crypto asset remained bid around $1.50 over the weekend.
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Rumors would swirl for days, with some speculating a major deal with Wall Street was in the works. However, the big announcement turned out to be the launch of Ethos Universal Wallethttps://www.ethos.io/universal-wallet/, which aims to enable users to store all of their tokens and cryptocurrencies safely and securely on the mobile device.
Ethos launched the wallet in the Netherlands, Germany and the US over the last three days, and has garnered plenty of attention across the investor community.
Ethos token rose to a high of $3.35 on Wednesday - the highest since May 14, according to CoinMarketCap before falling back below $2.00. Ranked #72 as per market capitalization, Ethos is now trading at $ 1.90 - up a solid 50 percent week-on-week and is one of the best performing of the top 100 cryptocurrencies.
Further, the trading volume jumped more than 400 percent week-on-week, adding credence to the price rally.
Still, whatever the excitement, the news that the software system the token is looking to power is closer to its vision wasn't exactly enough for the project to see all-time highs.
After launching last June, prices clocked a record high of $10.41 on January 7.
Plastic balls via Shutterstock
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