Kava Brushes Off Market Downtrend, Gains 11% On Weekly Chart

KAVA is one of the Layer-1 blockchains in the crypto industry with links to two top blockchains, Ethereum and Cosmos. The network combines the Cosmos blockchain, and the EVM technology boosting its speed, security, and maximum scalability.

Timeline of Kava

Kava, a Layer 1 blockchain with unique co-chain architecture, is set to receive a new mainnet upgrade, Kava 14. The Kava 14 mainnet upgrade will allow Kava to roll out the new internal bridge feature with the initial supported asset of ATOM.

The largest stablecoin issuer in the world is announcing its expansion ontp Kava (KAVA), an interoperable layer-1 blockchain. In a new press release, Tether (USDT) says that its dollar-pegged crypto asset will be launching over the Kava network, sending the decentralized finance (DeFi) platform's price skyrocketing. KAVA is trading for $0.

Stablecoin issuer Tether Holdings Limited is expanding its reach as it has announced plans to launch the USDT token on the Kava Blockchain. By leveraging the speed and scalability associated with the Kava Blockchain, USDT will gain bigger and better coverage and reach more users within the Web3.0 ecosystem.

In a major move, Tether Operations Limited, the company behind the stablecoin Tether (CRYPTO: USDT), has announced the launch of its US dollar-pegged tokens on the Kava (CRYPTO: KAVA) blockchain. Kava is known for its scalability and speed, making this a significant addition for Tether.

Tether Operations Limited (Tether), the company behind the popular stablecoin, has revealed its plan to launch USDT tokens on the Kava, a layer-1 blockchain founded in 2018. This move aims to provide Kava's community with access to the world's first, most trusted, and widely used stablecoin.

Tether Operations Limited, the entity behind the pioneering USDT stablecoin, has announced its expansion to the Kava blockchain. However, this strategic move further solidifies Tether's position as the most widely adopted stablecoin and promises to enhance liquidity across multiple blockchains​.

Cryptocurrency prices had a strong performance during the weekend. Bitcoin price jumped above $26,000, a strong comeback after falling to $24,500 last week. As a result, the total market cap of all cryptocurrencies jumped to over $1.07 trillion. Other altcoins like Shiba Inu, Zcash, Monero, and Kava also jumped sharply.

Kava (KAVA) token's price fell significantly as the global crypto market capitalization plunged by over $30 billion in just 24 hours. The asset registered three days of consecutive wins from June 5 to June 7.

The cryptocurrency market has been volatile in the last day, with prices often experiencing significant fluctuations. However, while the market plummets, KAVA coin managed to defy the trend by surging 10% in a single day between June 5 and the early hours of June 6.

The news of the U.S. Securities and Exchange Commission's (SEC) crackdown on Binance has fueled the massive and comprehensive tumbling of thousands of cryptocurrencies. While the combined crypto market cap is down by 3.66% to $1.09 trillion, some altcoins, including KAVA, are maintaining a surprising bullish resilience and have refused to join the broader bearish market slump.