What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Last year, NUCypher and KEEP Network merged and created the Threshold Network, a decentralized organization that addresses the myriad of privacy and security concerns in the blockchain space. Its utility and governance token, T, has been on the rise since the start of 2023 as the network produced more buzz.

The coin is up 146% in the weekly, becoming the biggest gainer in the top 100 crypto list of CoinMarketCap today.

On-Chain, Off-Chain Developments List Threshold

On January 26th, centralized exchange CoinBase announced the support for the Threshold token. This listing would enable the token to gather momentum in the retail investor space. The dev team is also focused on developing its tBTC project, a way for Bitcoin holders to use their coins on Ethereum-based DeFi.

Coinbase will add support for Audius (AUDIO) and Threshold (T) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost.

— Coinbase Assets (@CoinbaseAssets) January 25, 2023

According to Threshold’s blog post earlier this week, the network’s early launch of its Bitcoin-Ethereum bridge was a response to the recent developments in the world of bridging the two major cryptocurrencies.

Threshold (T). Image: Freepik

A Quick Definition Of Threshold (T)

The T token is a cryptocurrency that serves multiple purposes, including making payments, influencing the direction of the project through voting, and staking for interest and other incentives.

It is one of the most significant Web3 initiatives because of the cross-chain element of the network and the privacy and access control features it employs.

Threshold is not your normal cryptocurrency, as it does not want to make its users wealthy through trading and investment, nor does it strive to ensure that transactions are completed in the quickest possible time.

Although it does not provide NFTs or a metaverse, it does come with a number of DeFi features.

What Does This Mean For Threshold (T)?

The token has reached new highs after the CoinBase listing announcement. Threshold is currently trying to break above $0.064 which it has been unsuccessful in doing so. Threshold is supported at $0.042, the same support level that has not eased the May to June crypto market crash levels.

If the token suffers a correction phase, T might revert back $0.033 support which could possibly blunt a bearish market movement.

Crypto total market cap at $997 billion on the daily chart | Chart: TradingView.com

At the time of writing, T holders are realizing gains despite the token’s bullish momentum showing signs of easing down.

In the short to medium term, investors and traders of the token should expect volatility to enter the market if the token ends today unable to inch up to its desired targets. Meanwhile, as this scenario might play out, Bitcoin is attempting to breach the $23k resistance.

If BTC breaches through this resistance, Threshold can rely on its somewhat high correlation with the king crypto to boost gains.

-Featured image by Aviationist

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.