Last year, NUCypher and KEEP Network merged and created the Threshold Network, a decentralized organization that addresses the myriad of privacy and security concerns in the blockchain space. Its utility and governance token, T, has been on the rise since the start of 2023 as the network produced more buzz.
The coin is up 146% in the weekly, becoming the biggest gainer in the top 100 crypto list of CoinMarketCap today.
On-Chain, Off-Chain Developments List Threshold
On January 26th, centralized exchange CoinBase announced the support for the Threshold token. This listing would enable the token to gather momentum in the retail investor space. The dev team is also focused on developing its tBTC project, a way for Bitcoin holders to use their coins on Ethereum-based DeFi.
Coinbase will add support for Audius (AUDIO) and Threshold (T) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost.
— Coinbase Assets (@CoinbaseAssets) January 25, 2023
According to Threshold’s blog post earlier this week, the network’s early launch of its Bitcoin-Ethereum bridge was a response to the recent developments in the world of bridging the two major cryptocurrencies.
Threshold (T). Image: Freepik
A Quick Definition Of Threshold (T)
The T token is a cryptocurrency that serves multiple purposes, including making payments, influencing the direction of the project through voting, and staking for interest and other incentives.
It is one of the most significant Web3 initiatives because of the cross-chain element of the network and the privacy and access control features it employs.
Threshold is not your normal cryptocurrency, as it does not want to make its users wealthy through trading and investment, nor does it strive to ensure that transactions are completed in the quickest possible time.
Although it does not provide NFTs or a metaverse, it does come with a number of DeFi features.
What Does This Mean For Threshold (T)?
The token has reached new highs after the CoinBase listing announcement. Threshold is currently trying to break above $0.064 which it has been unsuccessful in doing so. Threshold is supported at $0.042, the same support level that has not eased the May to June crypto market crash levels.
If the token suffers a correction phase, T might revert back $0.033 support which could possibly blunt a bearish market movement.
Crypto total market cap at $997 billion on the daily chart | Chart: TradingView.com
At the time of writing, T holders are realizing gains despite the token’s bullish momentum showing signs of easing down.
In the short to medium term, investors and traders of the token should expect volatility to enter the market if the token ends today unable to inch up to its desired targets. Meanwhile, as this scenario might play out, Bitcoin is attempting to breach the $23k resistance.
If BTC breaches through this resistance, Threshold can rely on its somewhat high correlation with the king crypto to boost gains.
-Featured image by Aviationist