In recent years, partnerships between cryptocurrency companies and global giants have reached a new level. In this context, it is worth remembering previous collaborations such as Polygon‘s with Starbucks and Avalanche network’s with AWS, which are examples of this trend. These partnerships are interpreted as major companies wanting to take part in the cryptocurrency sector at what is still considered an early stage. A development in this direction has just taken place.
Mercedes Benz Partnership Announced
A recent announcement by Biconomy has made a significant impact on the cryptocurrency world. The automotive giant Mercedes-Benz’s strategic product, Acentrik, has announced a partnership with infrastructure provider Biconomy to lead the new generation data market.
Such partnerships in the cryptocurrency space continue to shed light on the future visions of companies. It has been observed that major corporations have also formed partnerships with different blockchains in the past.
It has also been noted that the partnership with Mercedes Benz has reflected on the price of BICO.
BICO Price Outlook
The price of Biconomy (BICO) surged following the news, jumping by 18% from $0.42 to $0.50 within minutes. After the initial surge, there was a pullback in price. At the time of writing, BICO is trading at $0.44, up 13%.
There has also been a noticeable increase in BICO’s overall volume and 24-hour trading volume. Biconomy’s (BICO) market cap has risen by 11% to exceed $280 million. The trading volume has increased by over 74% to surpass $21 million.
This surge in trading volume is interpreted as a reflection of investors’ significant interest in the cryptocurrency. The RSI value also rose to 77, indicating an overbought condition. This suggests that buyers are still dominant, but it also warns investors of a potential price correction.
