Price of this cryptocurrency shot up 30% before two events

The price of the KAVA cryptocurrency went from USD 0.90 to USD 1.28 in the last seven days, thus showing an increase of more than 30%. And, although it later deflated slightly to USD 1.17, it is the top 100 capitalization crypto asset that appreciated the most in that period.

With this rise, KAVA reached its maximum price in almost 7 months. To be specific, it hadn’t seen the peak it hit last week since early last November, according to data from CoinMarketCap.

This appreciation was influenced by two events. The first of them was launch from “Kava 13”, which was an update on the cryptocurrency network made on May 18. This initiative involved a series of changes to help developers scale and accelerate their protocols, and optimize the user experience.

Among the changes that have been made to the network are a full node software optimization and a hosting provider expansion. They also implemented a new internal bridge between the Cosmos and Ethereum networks, as well as greater autonomy and flexibility on how to use emerging protocols.

From the Kava network, they indicated that they made this decision due to the greater need for speed, security and performance in the face of the demand they experienced this year. Given this, the price of its cryptocurrency reacted upwards.

Added to it, The rise of KAVA was exacerbated, as a second factor, by a statement from the South Korean exchange Upbit. It announced on May 23 that DAXA (the Association of Digital Asset Exchanges in South Korea, according to its acronym in English) removed the investment warnings it had on this crypto asset, as well as on WAVES.

DAXA, the association to which Upbit belongs, had issued cautionary warnings about investing in the KAVA and WAVES crypto assets last November due to the loss of parity of a stablecoin of its collateral, USDX. But this week he put an end to that, saying such reserves are less than 10% of his total and do not pose much risk.

While KAVA appreciated last week, bitcoin (BTC) continues to find it difficult to rise, as indicated by CriptoNoticias. In the last hours of today, May 24, 2023, it is approaching the USD 26,000 area.