Coinbase-listed HOPR crypto soars 18%—whats behind the rally？

• HOPR crypto is up 18% in the past 24 hours as its trading volume is surging 350%.
• The spike in volume, mainly driven by Coinbase Exchange, has fueled the rally, but the exact cause remains unclear.
• The HOPR crypto project aims to provide enhanced privacy and anonymity through a decentralized network of nodes, using its native token to incentivize privacy-focused services for users.

Privacy-focused HOPR (HOPR) price is surging today, up 18% over the past 24 hours as it extends a breakout rally that began yesterday with HOPR crypto gaining 24% in a single day. The $26M market cap token is trading at $0.08 at press time, while its 24-hour Volume-to-Market Cap ratio stands at 33%, which reflects very high participation and liquidity inflows relative to the tokens size.

The surge appears to be driven by a sharp spike in trading activity, with HOPRs 24-hour volume climbing to $10 million — a 345% increase, according to CoinMarketCap. Coinbase Exchange dominates the flow, accounting for more than 85% of total volume, with other significant contributions from MEXC and Gate.

Todays HOPR crypto rally builds on an explosive breakout from July 18, when the token surged 55% in a single day, snapping a prolonged period of low-volatility decline and reviving momentum in the project.

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Why is HOPR crypto rallying？

The exact catalyst behind todays surge in price and trading volume remains unclear, as there have been no major announcements from the team that could explain this spike. However, on August 14, the team did release a developer update, outlining technical progress, including database optimizations, protocol refactors, and testing and workflow improvements.

But while these updates are important for devs and long-term users, they don‘t typically generate such explosive trading volume. Therefore, this seems to be more of a technical breakout, which has pushed the token’s price up by 160% since its all-time low on July 2.

HOPR crypto is a privacy-focused blockchain project designed to provide enhanced privacy and anonymity for users on the decentralized web. The platform uses a unique mix of technologies, including a decentralized, incentivized network of nodes that obfuscate user data and transactions. The HOPR token is used to power the network by incentivizing node operators and enabling users to pay for privacy services.