Even during a rough bear market, some assets take the spotlight. But what to make of the sudden rise for Centrality (CNNZ)? The token rose to $0.19, up 79% over the last 24 hours, on a brief, Bitcoin-fueled moment. CNNZ trades around 2,400 Satoshi, less than halfway to the 5,000 Satoshi peak levels. Centrality became the fastest growing asset for the day, and is one of the more interesting projects among niche coins.
The only problem is, CNNZ is traded on Cryptopia alone - a relatively small market. And with a 24-hour turnover of around 82 BTC, CNNZ is easy to manipulate. However, this is yet another example that even in a bear market, and with relative stagnation, the game continues for altcoins, and for those attempting to increase BTC holdings.
Centrality is still a brand new project just trying to unroll on exchanges. But underneath, the project looks solid - an entire blockchain studio with a large, internationally distributed team, attempting the difficult task of producing distributed apps and creating an app marketplace.
However, this task is a long-term proposition only, and the CNNZ digital asset is at the point where speculative trading and hype are still the leading factors.
https://twitter.com/centralityai/status/1009659064404492289
For Centrality, announcing that Amazon (NASDAQ:AMZN) Cloud is a partner looks a bit outdated - many projects have announced partnerships with the large cloud-based services, including Microsoft’s Azure.
However, the Centrality studios are a team with a broad experience with the creation of 20 traditional apps. The addition of CNNZ adds a layer of tokenization to the app ecosystem. Additionally, the Centrality project is a fully legalized entity in New Zealand and Singapore.
Centrality was an extremely successful ICO, selling out within minutes in January. However, since then, the token has yet to go through wider adoption. Initially, the token was also traded on the native exchange of the distributed app ecosystem. The example of CNNZ, a token with a 1.2 billion total supply, shows that even in a bear market, new projects are attempting to expand and finding their audiences.
This article appeared first on Cryptovest
