The trading volume of the project shot up by 640% in just 24 hours.
Streamr is a data-focused blockchain that seeks to build a decentralized infrastructure for the application of real-time data used in peer-to-peer networks.
Examples of use include the Internet of Things (IoT), smart cities and Web 3.0.
What triggered this new rally remains unclear at this point, but could point to broader consolidation behavior from buyers in the market who see fundamental strength in the project at the moment.
However, concerns about how companies collect and use our data have led some analysts to believe that Streamr could have a strong use case with its proposed “data unions.”
Data unions would be created by allowing companies to collect, use and sell user data with their permission and receive part of the sales proceeds generated from the data.
This could be a departure from the current model, where companies collect and reuse data in a largely opaque way.
Where to buy Streamr
eToro is a social trading platform, based in Cyprus. The company has revolutionized the online trading industry by introducing innovative ways for traders to benefit from the financial markets.
Sign up now with eToro
Sign up now with CedarFX
Is Streamr a good addition to your portfolio?
Investors who invest in cryptocurrency projects should, among other things, think about how they imagine the future.
As the use of data becomes more and more important in our lives and the machines we build to interpret it become more sophisticated, the need to protect data and use it in an open and transparent way is growing.
Streamr fulfills this need and could become more and more in demand over the years as our dependence on data and the Internet grows.