Under-the-Radar Altcoins Soared Over 260% – Find Out Why
Loom Network (LOOM), a multichain interoperability platform geared towards scaling high-performance decentralized applications (dApps), has surprised many with a 264% rally in just one month. Adding to the excitement, the famous crypto exchange platform, Gate.io has recently announced its decision to list the altcoin LOOM for trading.
According to the latest data from CoinGecko, LOOM is trading at $0.145481, representing an impressive rally of 28% within the past 24 hours and an increase of 148% over the past seven days.
Gate.io embraces altcoin momentum
The rise in altcoin price also comes as a surprise given its important role in the Loom Network’s ecosystem. LOOM tokens are not only the backbone of Basechain, the mainnet of the Loom Network, but also serve as currency for developers wishing to host their DApps on Basechain. Additionally, validators and delegates stake their LOOM tokens to strengthen the security of the network.
Sentiment, a blockchain analytics platform known for its keen eye on market trends, has detected the remarkable growth of LOOM. According to the latest report, LOOM price reached levels not seen since December 2021, surpassing the $0.126 mark before a slight correction.
Notably, the proportion of LOOM tokens on exchanges has decreased by 20.8% over the past five days, now standing at 14.9%. This reduction in circulating supply on exchanges signals the potential for an extended rally for LOOM, as demand is outpacing the available token supply.
Rapid growth of crypto market
The altcoin market is a dynamic and ever-changing landscape, where even lesser-known projects can rapidly rise to prominence under the right circumstances, leading to substantial profits for investors. A separate report describing LOOM’s remarkable rally has once again shed light on this phenomenon.
LOOM, along with ImmutableX (IMX) and Frontier (FRONT), has emerged as one of the top performing cryptocurrencies of the week. This surge in popularity is in line with the increasing demand for new crypto wallet addresses being created within the network.
Bitcoin (BTC) is currently trading at $26.490. Chart: tradingview.com
Insights and Implications
As the crypto market continues to rise above expectations, altcoins like LOOM are proving their potential with significant price increases. LOOM’s listing on Gate.io symbolizes growing recognition of the project’s potential. Price analysis shows that LOOM’s rally may not be over, with strong indicators pointing towards further upside.
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Altcoin enthusiasts and investors will undoubtedly be keeping a close eye on LOOM’s performance in the coming weeks as the cryptocurrency market remains as unpredictable as ever.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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source: www.newsbtc.com