Mar 14, 2023

March 15, 2023 - Advertisement - Kava Network’s governance token, KAVA, has registered massive gains amid the ongoing market rally. The token has seen a massive increase, even as most coins surrendered to the recently faded bearish trend. KAVA has outperformed most top coins by observing approx. 37.27% price hike Last 30 days, and may still see more gains. while writing, price of kava There has been an increase of 15.05% in the last 24 hours. Whether it will sustain its rally or not will depend on the market sentiment in the days to come. Ecosystem Funding and Improved Sentiment Vote for KAVA’s Price Rally - Advertisement - A recent tweet revealed that KAVA emerged as a top gainer The last seven days in the Cosmos IBC network. Its developer incentive funds are among the factors that have kept its prices up in the last few days. Kava Network on March 10 launched $750 million stimulus fund for developers building on blockchain. The rewards will be distributed among the top protocols on a monthly basis based on their network usage. Related Reading: Jim Cramer Is Bearish Despite BTC Rally, Here’s Why - Advertisement - Another factor affecting the price action of KAVA is the recent increase in market sentiment following the fall in US bank stocks. Fed’s latest approval a lending initiative Troubled banks signal that the much-anticipated interest rate hike bps may not be as flamboyant as expected. Many speculate that the US Federal Reserve will soften its inflation-controlling strategy in response to current economic conditions. That outcome may be attainable now that three top US banks have collapsed due to liquidity issues. According to release data On Friday, March 10, the US recorded an additional 311,000 jobs, and the unemployment rate remained at 3.6%. Despite the massive employment, salary push inflation reducing. however, analysts said The US inflation rate for February decreased only slightly. Even so, recent bank issues and Fed intervention suggest that a sharp rate hike may be waning. Kava price is currently at $1.17 on the daily chart. , Source: from KAVAUSD price chart Tradingview.com A sustained market sentiment could set Kava up for more rallies More than that, a decline in bank stocks could water the grounds for mainstream cryptocurrency adoption as it could provide an alternative investment option. Diminishing trust in traditional financial institutions and rising demand for safe investment options could drive more traction for crypto and boost market sentiments. Today, crypto market sentiment has improved in response to these factors. The cryptocurrency is basking in the current favorable environment as the global crypto market cap is recorded at 11.94, Increase in last 24 hours. This correction comes after several days of continuous decline in the price. Related Reading: Bitcoin Price Makes New 2023 High, Breaks Above $26K is cava is trading at $1.18, showing an increase of 16.32% in the last 24 hours. Historical statistics Suggest that the coin saw notable price gains since February, before the downturn. If the rally in the market continues in the coming days, then Kava can get more profit. Featured image from Pixabay and Chart from TradingView.com Credit : www.newsbtc.com