Energy Web Token (EWT) rallies 50% shortly after listing on Kraken

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One of the biggest debates at the global level is about power generation and the integration of renewable energy sources into an electricity grid dominated by carbon-based fuels and nuclear energy.

Energy Web Token (EWT) is a project that is growing in popularity as it aims to integrate blockchain technology into the energy sector. The project should also help with application development and create a decentralized energy exchange.

Data from Cointelegraph Markets and TradingView show that the price of EWT rose 65% from a low of $ 11.38 on February 28 to a new all-time high of $ 18.78 on March 3 with a record $ 8.66 million. USD rose within 24 hours.

EWT / USDT 4-hour chart. Source: TradingView

The main development that helped raise the price of EWT was its listing on the Kraken Stock Exchange on March 1st. Kraken is currently the fourth largest cryptocurrency exchange by volume and has given EWT the largest trading market to date.

Trading volume for EWT increased 265% after it was listed on Kraken, and today the price continues to rise as community members speculate on which exchange EWT will be listed on next.

EWT announces stakeout and utility nodes

Another source of optimism for EWT was the February 25 announcement that token holders will soon be able to stake out in the form of trustee-based decentralized service level agreements (SLAs) that will be used to create supply nodes that offer services in the Network, with the share serving as an incentive to provide high quality services.

According to Jesse Morris, Chief Commercial Officer of Energy Web, the staking mechanism developed for EWT is a “new type of crypto model”.

Morris said:

“It is the key to unlocking tens of thousands of utility nodes (operated by the ecosystem) that provide network operators with cheap, reliable IT services. No more supplier loyalty or RFPs required to activate a company app. “

VORTECS ™ data from Cointelegraph Markets Pro identified an optimistic outlook for EWT on February 27 ahead of the recent price hike.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. EWT price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ value for EWT peaked at 67 on February 27, approximately 60 hours before the price began to break out of $ 12.91 to its current price of $ 17.91. At the time of writing, EWT’s VORTECS ™ is 80.

The debate about renewable energies and their integration into the global economy is probably just beginning, and the Energy Web Chain could have the decisive advantage in decentralizing the energy industry.

Increasing incentives for token holders as well as new stock exchange listings have positioned EWT well to become a leader in the blockchain-based energy market and this will inevitably attract new investors.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.