PAIN (BRD) Crypto continues to soar. Is it too late to buy?

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Over the past two days, the Bread Token (BRD) price has hit its highest level in years, surpassing the 2021 high set by price spikes just over a week ago. From what appeared to be a resistance level of around $ 1.22 AUD on December 1, the value of BRD peaked at around $ 2.20 AUD within 24 hours, a rapid rise by nearly 100%, before falling back to AUD $ 1.60. – $ 175 AUD range.

But what exactly is bread and what makes its price skyrocket?

Originally known as Breadwallet, BRD is a technology company specializing in providing cryptocurrency holders with an easy and secure way to store their digital assets. Since launching the first truly decentralized iOS wallet app in 2014, BRD has amassed over 10 million Android and iOS users, building a reputation as an industry leader that prioritizes ease of use and robust security for its customers. users, while remaining free to Download.

1 year BREAD price chart. Image: CoinMarketCap

The BRD token itself, based on the Ethereum blockchain and released in 2017, is an integral part of the BRD rewards program which provides users of the platform with incentives to promote beneficial activity. For example, keeping a certain value of assets stored in the wallet can be incentivized through in-app rewards, such as transaction fee discounts and Ethereum network fee reductions.

But, you might be asking, what is it that causes a surge of interest all of a sudden?

The surge in bread prices is likely the result of BRD’s official announcement of its acquisition by crypto giant Coinbase, the largest cryptocurrency exchange in the United States. This was likely seen by investors as a major sign of BRD’s potential future growth and further integration as a major player in the industry, which will now be bolstered by Coinbase’s considerable influence and resources.

In the announcement, BRD co-founders Adam Traidman and Aaron Voisine said, “Our team members will continue our mission at Coinbase, where we will work together to bring the power of decentralization to even more users. in the world.

The prospect of millions of new users joining BRD through the acquisition creates the possibility that BRD tokens will experience even more demand, as new BRD customers would logically want a token in order to reap the benefits of its rewards program. It appears that many recent investors are relying on the success of Coinbase’s plans for BRD expansion and therefore anticipation of this potential reality is apparently a major factor that has contributed to its sustained rise in value.

A suggestion to “stay tuned for more details to come in 2022” on their website may also be a contributing factor, signaling BRD buyers that a new ad frenzy could push its price up even higher. next year.

It remains to be seen whether its current price levels will be maintained by any anticipated hype, but BRD’s trajectory, with its recent developments, will be worth looking into in 2022.

Disclaimer: This article is for informational purposes only. It is not financial advice. Never invest more money than you can afford to lose in a crypto.

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