Ocean Protocol surged by more than 32% earlier today to a hit high of $1.43 before pulling back to $1.23 at the time of writing, which is an 11.42% rise in the last 24 hours.

 OCEAN’s price is on the path to recovering its all-time high of $1.94 that is set in mid-April this year.

What Is Ocean Protocol?

Ocean Protocol is a blockchain-based ecosystem that allows data owners and consumers to easily unlock the value of their data and monetize it through the use of ERC-20 based data tokens.

Each service has a unique data token that is used to wrap a dataset to allow third parties to perform operations on the data in a secure and privacy-preserving way.

Publishers can monetize their data while preserving privacy and control through Ocean Protocol whereas consumers can also access datasets that were previously unavailable or difficult to find. These datasets can be discovered on the Ocean Market app, where they can be purchased and later consumed or sold.

Some of the currently available and fully functional Ocean Protocol datasets include:

  • Swash, which is consumer browsing data that includes users’ surfing data through a browser plugin.
  • Ocean Market Data, which offers an hourly activity for popular data pools and includes charts and pool trends.
  • Product pages, which include over 1 million Amazon listings.

Users can use their Metamask wallet to trade the various datasets, which are available on multiple chains like energy web chain, Binance Smart Chain, Polygon, Moonriver, and Ethereum, for OCEAN,

Why is Ocean Protocol price rising?

Currently, Ocean protocol has been making several moves like opening their subreddit to the public and getting OCEAN listed on Bitkub.

Today’s news on the upcoming launch of H2O is the main catalyst behind today’s OCEAN price hike.

With a market cap of $818 million, it’s clear that OCEAN is looking forward to reaching a $1 billion valuation and will need to trade at the $1.63 level. However, to reach that level, OCEAN will have to break through the $1.5 resistance.

OCEAN will make for a great long-term hold for 2022 since Web3 is setting up itself to be the next hype after Metaverse.

This post was originally published on Coinjournal.