Amid uncertainty, can Oasis Network’s developments push ROSE toward bright possibilities
As top assets like Bitcoin and Ethereum looked relatively shaky, the larger market eyed altcoins for the much-needed gains. SushiSwap and Oasis Network’s ROSE, at the time of writing, presented the highest weekly gains of the top 100 cryptocurrencies as per data from CoinMarketCap.
However, ROSE’s rise for over ten days has attracted many eyeballs as the altcoin’s price appreciated by close 70%. So, what was behind the sudden rise of ROSE, and will the gains sustain going forward?
The Rise of ROSE
Over the last year, high transaction costs and higher demand paved way for the rise of layer-1 protocols which saw a massive rise in popularity as well as price. In fact, with coins like Solana, Terra (LUNA), and MATIC presenting independently driven price actions, the rise of layer-1 protocols has been remarkable.
Another layer-one protocol that has been gaining attention over the last month and aims to offer a low-cost solution to the high market fees has been Oasis Network. The platform is a privacy-focused L1 blockchain built using the Cosmos SDK and designed for open finance and a responsible data economy.
ROSE after hitting a low of $0.1688 on 28 October surged 176% to a new record high at $0.466 on 21 November and is yet again in an uptrend gaining close to 70% since 22 December. Interestingly, the asset on a 4-hour chart has maintained a bullish uptrend that analysts anticipate could be key to the rally.
With a rise in price, ROSE’s social volumes also have been in a continued uptrend. Thus, presenting a higher social conversation for the altcoin. Notably, the alt’s rally jumpstarted after the 17 November announcement revealing a $160 million Oasis ecosystem fund designed to help founders and projects build on the Oasis Network and ecosystem.
Apart from that, the introduction of the first nonfungible token (NFT) project on the network as well as the growth of NFTs and the constantly growing community and ecosystem of dApps further fuel a better narrative for the coin.
So, can ROSE make a good year-end trade and blast in 2022?
What to expect from ROSE?
With a constantly growing ecosystem, ROSE’s future looks bright. However, its development activity has suffered in comparison to the higher development activity in December beginning. Nonetheless, on the back of a growing network of users, if ROSE’s development activity picks up, the same could give the alt a much-needed boost.
That being said, the asset’s market cap dominance was rising while its Sharpe ratio had recovered from the lower bounds. The alt’s Sharpe ratio, after falling to as low as -2.58 was finally trading at 0.94 at the time of writing. Thereby, making ROSE a relatively safer asset now than before.
Further, with the coin’s volatility going down, the possibility of a major drop in the near term looks unlikely. Well, it seems like on the back of ecosystem-centric developments the asset’s growth has been pretty decent.
In fact, the same can continue going forward. Nonetheless, with the larger market heading towards recovery as BTC pulled above the $47K level, what happens as the year closes, still remains a mystery.