Beam (BEAM), a privacy-focused confidential blockchain protocol, has broken into the top gainers list among the 100 largest assets following a recent surge to a new all-time high of $0.01635.
The BEAM token, currently serving as the gas and governance token on the Beam network, was launched in October on the back of a token migration event that saw the Beam ecosystem pivot from the Merit Circle (MC) token.
Since its launch two months back, BEAM has embarked on an extensive rally, recording new ATHs along the way. The asset has met occasional opposition on its path to record highs, with the first major resistance coming up at the $0.00876 price level on Nov. 14.
After hitting this high, BEAM witnessed a roadblock, correcting to a 5-day low of $0.00702 the next day. However, the bulls invalidated this retracement, buoyed by intense buying pressure amid increased social activity. The asset eventually recovered, recording new highs in the days that followed.
This pattern of intermittent price upswings and dips continued for several weeks, but the trend remained generally bullish, as BEAM observed high lowers and higher highs. The latest bullish run engineered by Bitcoin (BTC), the leading crypto asset, has bolstered buying pressure for BEAM.
The asset rallied to a new ATH of $0.0165 today, but faced another roadblock. Despite the resistance, BEAM is observing an impressive 33% rally over the past 24 hours. As a result, the asset has outperformed most of the top 100 cryptocurrencies, sitting second among the top gainers.
Besides the broader market uptrend, bullish fundamentals surrounding the project have also contributed to its price surge. Merit Circle, the team behind BEAM, announced a partnership with leading crypto-focused hedge fund Pantera Capital yesterday.
With a 210% in the last 30 days, BEAM has positioned itself as an industry favorite. This trend has led to surging social mentions, making it one of the top trending assets in the crypto scene. BEAM currently trades for $0.0155 at the reporting time, up 66% in the past week.