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Highlights
- Loopring is a Layer-2 solution that provides faster and cheaper transactions to Ethereum blockchain users.
- As the decentralization of financial services becomes mainstream, Loopring (LRC) token prices might surge in the future.
- LRC token’s price has surged by 59 per cent since the past week.
Prices of cryptocurrencies have recorded a notable surge with Bitcoin crossing the US$ 50,000 mark for the first time since May 2021. Almost all the crypto tokens were trading in green at the time of writing and one digital asset that stood out was Loopring (LRC).
At 4:30 AM EST, Loopring was up 44 per cent and trading at US$ 0.5178 per token. Notably, the crypto token's market capitalization was up by 45 per cent and the 24-hour volume surged by a whopping 2240 per cent to US$ 1,597,579,537, according to the data from CoinMarketCap.
What is Loopring?
It is a Layer-2 solution that provides faster and cheaper transactions to Ethereum blockchain users. The blockchain solution supports the Loopring Decentralized Exchange (DEX) and its native currency is the LRC crypto token.
The LRC token might be witnessing a price surge because cryptocurrency enthusiasts are focusing on decentralized finance (DeFi) protocols, which are mostly built on the Ethereum blockchain.
Also Read: Coin98 is rising. What is C98 crypto’s price prediction?
Established in 2017, Loopring can produce highly scalable decentralized and centralized exchanges. It can also produce payment apps without a trade-off in security.
Loopring price movements and prediction
LRC token’s price has surged by 59 per cent since the past week and 144 per cent in the last 30 days. Ever since dropping down to an all-time low of US$ 0.01963893 per token on December 18, 2019, the prices have gone up by 2524 per cent.
On January 9, 2018, Loopring had scored an all-time high of US$ 2.4 per token and its market rank is 134, according to CoinGecko.
Also Read: Fantom surges by 16%. Can FTM crypto hit $1 in 2021?
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As the decentralization of financial services becomes mainstream, an increasing number of users were causing congestion in the Ethereum network. To address this issue, Layer-2 protocols were developed as they act as secondary blockchains to complete most of the work. Thus, it reduces the transaction (gas) fees and provides the same level of security as the Ethereum blockchain.
Amid an increasing acceptance of cryptocurrencies and an expected demand surge for DEXs, LRC token’s price could reach the US$ 5 mark by the end of this year and US$ 8 per token by the end of 2022. However, this is by no means a given.
Bottom line
Distributed ledger technology and transparency in crypto transactions will likely boost the growth prospects of the cryptocurrency market. A Markets and Markets report notes that the market size of this industry is estimated to register a compound annual growth rate (CAGR) of 7.1 per cent and value around US$ 2.2 billion by 2026.
