The cryptocurrency market is always producing gems that give investors incredible fortnightly returns, and logging in at the right time can change lives. Last week saw those who bet the highest winnings on Loopring (LRC). The relatively smaller known altcoin has surged nine times in just over two weeks as rumors and individual hype have pushed it to new highs. For details Cryptocoin. com keep reading.
Altcoin made 9x in two weeks
At the time of writing, Loopring (LRC) was trading at $3,1516, up 14% in the last 24 hours, according to CoinMarketCap data. The transaction volume, which shows that investors are paying attention, exceeded 2 billion dollars. This volume was even higher than other market giants such as Polkadot, EOS, Chainlink, Bitcoin Cash and even the top meme coin DOGE.
Even more impressive, on October 28, LRC was trading as low as $0.37. At that time, trading volume was typically under $100 million for small altcoins. It then took a bullish turn which saw it hit an all-time high of $3.72 in two weeks. This was the highest increase in the market at the time, with a rate of 900%. At one point, its volume was up to $9.3 billion. In today’s market, this is the fourth highest level after Tether, BTC and Ether.
What is loopring and why has it increased 9x?
Loopring is a blockchain project aimed at high-throughput, low-cost trading and payments on the Ethereum network. A Layer-2 project that secures Ethereum without high fees and slow transaction speeds. It aims to establish an interconnected system of trading platforms where buyers and sellers can access multiple trading platforms from a single central protocol and match orders cross-platform.
Loopring uses zero-knowledge rollups (zkRollup), a new type of encryption that allows any data to be verified without having to expose that data. For example, it can enable a platform to verify your wallet balance or email address without revealing it to the other party. Additionally, it aggregates transactions and executes them off-line with provably accurate accuracy, further accelerating transaction speed.
Crypto analyst Steven Msoh notes that while Loopring’s technology is top-notch, this is rarely a reason for an altcoin project to emerge anytime soon. According to the analyst, most of Loopring’s earnings came from ties to GameStop. GameStop has announced that it intends to enter NFTs while maintaining a good relationship with the cryptocurrency industry. It was soon discovered that Loopring’s GitHub profile contained data linked to GameStop. Rumors that GameStop would build their NFT platform on Loopring immediately began to circulate, and the price went up.