Key Points
- Arweave (AR) surged by over 20% in the past 24 hours on CoinMarketCap and the token is now trading above $35.
- Meanwhile, Bitcoin continues to struggle above the $59k mark.
The crypto market continues to see significant volatility these days, and Bitcoin is currently struggling to remain above the $59k mark ahead of the weekend.
At the moment of writing this article, BTC is up by almost 3% on CoinMarketCap and the coin is trading at about $59,400.
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Bitcoin’s price dropped to its lowest levels in more than two months as May kicked off. The digital asset dipped to a little above $56,500, ahead of making a comeback and struggling to reach the important level of $60k.
Investors’ attention has been focused on the Federal Reserve during the past few days, which decided to leave the interest rates uncut, following a Wednesday meeting.
In a volatile market, Arweave (AR) saw significant gains over the past 24 hours, and the token is up by about 20% on CoinMarketCap. At the moment it’s the top coin in CMC’s top 100 coins.
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AR is now trading above $35, as the token’s price continues to surge. AR’s market cap is over $2,2 billion.
The other day, the team behind Arweave Ecosystem shared a post on their X account, revealing that ArweaveEco is live in HackMD.
The notes say that with the help of this integration, users can permanently decentralize their documents, making sure that they will be accessible to everyone while remaining immutable.
https://twitter.com/hackmdio/status/1786028235232305514
What is Arweave (AR)?
Arweave is a decentralized storage network that offers a platform for data storage. The project describes itself as a collectively owned hard drive that “never forgets.”
The network hosts the permaweb, according to the team, which is a decentralized web with a number of community-driven apps and platforms.
The team behind the project recently noted via X that the Arweave network is like Bitcoin, but for data – a permanent and decentralized web inside an open ledger.
They note that, unlike traditional storage methods, where data can be altered or deleted, Arweave ensures immutability, which makes it the ideal choice for storing content that is preserved just as it is.
The Arweave network uses its native crypto, AR, to pay miners to indefinitely store the network’s information.
The project was first announced as Archain in August 2017, later rebranding to Arweave in February 2018 and officially launching in June 2018.
