While the crypto market gradually rose over the past seven days, the BRD crypto (Bread) price skyrocketed by 71.03%. Crypto has impressed investors with its performance before.
In November 2021, it surpassed the BRD crypto prediction and made new highs. It broke its resistance at $1.22, reached a high of $2, and settled back around the $1 mark.
Investors are keeping a close eye on BRD crypto because of its capability to give phenomenal returns. As per Coin Market Cap, BRD is currently trading at a low of $0.01.
But where does the BRD crypto originate from? And why is there a sudden renewal of interest in it?
BRD crypto: What is it?
BRD, founded as the BreadWallet, is a cryptocurrency wallet supporting over 70 cryptocurrencies. It utilizes the Decentralized Financial (DeFi) system to allow its users to self-custody their digital assets and secure exposure to NFTs and dApps.
Launched in 2014, it established itself as the BRD Bitcoin Wallet, supporting only Bitcoin. The wallet was built on the Bitcoin blockchain and was the first decentralized app to launch on iOS.
Features of the BRD cryptocurrency wallet
Both seasoned and novice crypto and NFT enthusiasts can benefit from the BRD crypto wallet. The wallet was established in the founding years of the crypto frenzy and provided an interface that comprehensively covers everything related to digital assets.
It allows users to buy, sell, hold and even exchange more than 70 cryptocurrencies. The wallet also supports NFT trades and promotes the BRD NFT, a token that users can purchase for countless incentives.
Interestingly, the flexible wallet makes it possible to select a default blockchain upon which the users wish to operate and make their transactions. These features can be incredibly beneficial in avoiding unnecessary gas fees and commissions.
BRD Wallet: Is it Safe?
BRD never gets any control over its users’ digital assets. It is a non-custodial wallet, and the transactions are entirely anonymous. The wallet does not require you to input your personal information.
The open-source nature of the BRD wallet keeps it under constant scrutiny for bugs, flaws, and errors. Regular updates keep the platform safe from hackers and data breaches. Moreover, increased transparency induces trust in the system.
Why the sudden interest in BRD?
Analysts reported a sharp and sudden increase in the value of BRD crypto around the end of 2021. The value, which had dropped to $0.06, showed a sudden hike to $2 in December 2021.
The reason behind this spike was the BRDs acquisition by the crypto giant, CoinBase. Investors recorded this news as a sign of potential advancements and hiked up the value of the BRD crypto.
CoinBase and the BRD Wallet
The price of the BRD NFT rallied by 500% when they announced the acquisition. The investors’ confidence saw a massive boost with the collaboration news. While the rise was short-lived and died down quickly, the future possibilities opened up a significant potential gateway.
In December 2021, the BRD website announced, ‘stay tuned for more details in 2022’, contributing to the investor frenzy. Come March 2022; the BRD wallet announced the opening of migrations from the BRD wallet to the CoinBase wallet.
The mix of BRD NFT’s incentive scheme and CoinBase’s high resources and user base can make a revolutionary impact in the crypto and NFT market. Analysts and traders expect it to be reflected in BRD crypto’s trading value shortly.
Is Bread BRD cryptocurrency a good investment?
While some crypto traders believe that profit has already been extracted from the BRD crypto after its recent price hike, there is reason to expect further opportunities.
BRD has seen a rise in market capitalization and volume and recently reported a 71% value gain over a week. These figures come after months of the CoinBase news. The token has been predicted to outperform the cryptocurrency market owing to its high circulating supply of 88.9 million.
Experts from AMBCrypto suggest that while BRD crypto will witness a slightly bearish trend in the short term, it will bounce back profitably over the long term.
Who owns BRD wallet?
Currently acquired by CoinBase, Adam Traidman and Aaron Vosine in Switzerland initially founded the BRD crypto wallet. They started the operations under the name BreadWallet, running under the parent company of BreadWinner AG.
BRD was a revolutionary launch of a decentralized digital wallet on iOS mobile phones. The company reportedly commenced work with a management team of 11 and an entire staff of 50 employees.
BRD token
The BRD crypto wallet hosts the BRD NFT, which the users can purchase to receive rewards and specialized services. The token is a decentralized digital asset introduced in 2017 and is built on the ETH blockchain.
BreadWallet launched the BRD NFT to offer reduced trading fees and other incentive schemes to promote beneficial activity in the BRD crypto wallet. The tier of rewards depends on the value of BRD tokens held by a user. BRD token also finds its general use in trading for fiat currencies or other digital assets.
Overview of BRD Crypto
BRD crypto was announced in an Initial Coin Offering in 2017 and has since witnessed a lot of fluctuations. The coin has been placed in the top 10% due to its current volatility index of 2.77.
At the nascent stage, the coin started trading at $3.41 but dropped to $0.07 within a year. It rekindled interest with the CoinBase acquisition announcement, breaking resistance levels and making new highs north of $2.
BRD crypto is currently trading with a market capitalization of $1.2 million and a 24-hour volume of $0.25. While it is currently trading at a 99% lower than its all-time high, analysts expect it to come back in the longer term.
Future of BRD
Founders Traidman and Voisine have stated their commitment to the original goal of the BRD wallet even after the acquisition by CoinBase. At the announcement of the merger, they mentioned, “We will work together to bring the power of decentralization to more users worldwide.”
CoinBase’s vast user base and hold over the industry are expected to catalyze BRD crypto’s growth and power. The influential power and extensive resources offered by CoinBase will be a transformative point in the BRD wallet’s development.
As the migration of cryptocurrencies from the BRD wallet to the CoinBase wallet has opened up, the demand for BRD NFTs is predicted to increase manifold to reap the benefits offered.
Conclusion
According to Investopedia’s analysis, the BRD wallet and CoinBase merger have widened the scope of advancements for both parties. The flexibility of setups in the BRD crypto wallet, integrated with the resourceful CoinBase family, has the potential to lead to monopoly power.
The current price of $0.01 of the BRD NFT can reach new levels at a 100% higher rate in 3-4 years, as per AMBCrypto, the widely known crypto analyst. Investors are showing an increased interest in understanding how to buy BRD tokens post the CoinBase acquisition.
The ability to access NFTs from within the wallet and transfer assets anonymously from the CoinBase app to the self-custody wallet sets it apart. BRD crypto can potentially give a positive ROI over the long run as blockchain technology advances.
