A surge of positive developments helping IOST price recovery

With the Bitcoin halving approaching, the world’s largest cryptocurrency dominated the headlines in April. Of course, this is understandable, as the coin is still most dominant, and it dictates the behavior of the industry.

But even so, it is worth remembering that there are plenty of other projects that have made major breakthroughs over the course of the last month. Let’s take IOST as an example.

IOST recovery advances thanks to developers’ work

Just like Bitcoin, IOST has had a steady rise since the beginning of the year, reaching its highest point in mid-February. The token managed to breach a major resistance at $0.008297.

It did not turn it into support, however, and instead, the price was rejected. But, just as the token gathered strength for another attempt, the March price crash came about. IOST fell deeper than it was at the start of the year, even breaking the support at $0.004000. In fact, this level became its major resistance, and it stopped it from advancing ever since.

Even so, the token’s price saw a significant recovery, going from the bottom at $0.002394. There are plenty of reasons for this, as the project made headlines several times in April 2020.

One example came when it officially unveiled its IRC-721 NFT standard. The move gave its ecosystem new use cases, as well as a popular new token standard. In fact, NFT tokens have been on the rise ever since Ethereum’s CryptoKitties.

IOST becomes one of China’s favorite projects

IOST made headlines yet again only days later when China published its new blockchain rankings. IOST found itself among the top 5 DLT projects. This was rather impressive for a project that ranks 94th when it comes to market cap.

The only projects that scored higher are giants such as EOS, TRON, Ethereum, and LISK. In other words, IOST still holds major potential for rubbing shoulders with the best of them.

Lastly, the project also made news on April 18th, when it became a member of China BSN (Blockchain-based Service Network). This is the country’s nationwide blockchain network that is backed by the government policy. It connects regions, institutions, and even other networks. And, it provides developers with a public blockchain resource environment, similar to the internet itself. All of these were major news for IOST, which are bringing the attention back to the project, and are helping its price recover, and move towards old and new heights.