API3 (API3) rose 47.83% in 24 hours.

Gate News Bot news, on August 20, according to CoinMarketCap, as of the time of writing, API3 (API3) is currently priced at 1.27 USD, with a 24-hour rise of 47.83%, reaching a high of 1.83 USD and a low of 0.68 USD. The current market capitalization is approximately 110 million USD, an increase of 35.6 million USD compared to yesterday.

API3 is a project that provides decentralized APIs (dAPIs), dedicated to offering reliable off-chain data sources for blockchain smart contracts. API3 aims to solve the issues arising from the intermediary layer of traditional oracles by directly obtaining data from API providers, thus providing more secure and efficient data services for applications such as DeFi. Currently, API3 has deployed over 200 data sources across more than 40 blockchain networks, supporting several well-known DeFi projects including Compound and Yei Finance.

Recent important news about API3:

1️⃣ New trading pairs increase market liquidity API3 was launched on August 19 on the new trading platform with KRW and USDT trading pairs. This move significantly enhanced the market liquidity and trading channels of API3, providing investors with more trading options. The expansion of trading channels is one of the important factors driving the short-term rise of the API3 price.

2️⃣ Continuous rise trend attracts market attention On August 18, API3 recorded a rise of 13.16%, with the price increasing from $0.68 to $0.87. This continued upward trend attracted the attention of more investors, potentially leading to more buying pressure and further driving up the price.

3️⃣ Demand for Oracle services rises, market recognition improves With the continuous development of the DeFi ecosystem, the demand for reliable oracle services is steadily rising. API3, as a decentralized oracle solution provider, is experiencing increasing market recognition for its services. This is reflected in its price performance, with a rise of nearly 50% within 24 hours, demonstrating investors' strong optimism about the future development prospects of API3.

From a technical perspective, API3 has retraced after breaking a new high of $1.83, currently stabilizing around $1.27. If it can maintain above $1 in the short term, it may continue to attract buying interest, supporting further price rise. However, investors need to closely monitor the overall cryptocurrency market trends, as there may be a risk of a pullback after a rapid pump.

This message does not constitute investment advice, and investors should be aware of market volatility risks.