The price of Secret (SCRT) cryptocurrency has surged in the last 24 hours. At the time of writing, the SCRT crypto was up about 15 per cent to US$ 4.82 per token.
The 24-hour volume of the SCRT crypto exploded by over 200 per cent to US$ 54.4 million at 2 AM EST, according to CoinMarketCap data. The SCRT crypto is Secret’s native utility and governance token, a privacy-oriented blockchain.
SCRT crypto: Key details
The Secret protocol has a unique feature of ‘Secret Contracts’, basically smart contracts. However, secret contracts have the ability to transfer encrypted inputs into encrypted outputs without compromising data privacy.
The Secret protocol claims to ensure data privacy through a Trusted Execution Environment (TEE) and encryption protocols. Over the years, data privacy has become of utmost importance as cyberattacks have increased recently.
SCRT crypto is the utility and governance token of the Secret network, and it has use cases like paying network transaction fees, voting, and staking.
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The Secret protocol uses a proof-of-stake mechanism, and it was founded by the Secret Foundation, which is working to boost the adoption of decentralized technologies.
The SCRT crypto has a total supply of approximately 190.2 million tokens, and there are 163.3 million SCRT tokens in circulation. It holds a market cap of US$ 782.9 million and is listed on cryptocurrency exchanges like Mandala, Binance, Gate.io, Huobi Global, and MEXC.
Bottom line
There’s no apparent reason behind the surge in the price and volume of the SCRT crypto, and it could be due to signs of a recovery in the cryptocurrency market.
In the last 24 hours, the global crypto market cap has climbed 1.1 per cent to reach US$ 1.8 trillion, and Bitcoin’s dominance has increased by 0.5 per cent.
Due to the overall growth in the market, investors could have been involved in the trading of the SCRT crypto, which may have caused a price surge.
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