ARK crypto rises: How has ARK fared amid volatility in cryptoverse?

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ARK crypto rises: How has ARK fared amid volatility in cryptoverse?

ARK crypto
Image source: Pixabay.com

Highlights

  • At a time when BTC, ETH, and ADA prices were in red, ARK crypto was trading in green
  • ARK blockchain network works on what it terms “modified” proof-of-stake method
  • As compared to its price on January 1, 2022, ARK token has to cover a lot of lost ground

Bitcoin was again trading below US$30,000 as of writing, and the total market cap of cryptos had again dropped below US$1.3 trillion.

What is adding to the pain of cryptoverse is the dip in value of tokens from almost all categories. ETH and ADA are native tokens of Ethereum and Cardano, respectively. Both were trading in red at the time of writing. DOGE and SHIB represent the meme coins category, and there were in red too.

But a few tokens seemed to defy the bearish phase, and one of these was ARK crypto. ARK is a network for smart chain developers. Let’s know more.

ARK blockchain

ARK claims to be a blockchain network for everyone regardless of the user’s technical expertise. It has multi-chain scalability, and the consensus method used is a “modified” form of proof-of-stake (PoS).

The project is said to be based on Typescript, besides being open source and customizable. ARK claims developers can build their custom blockchain projects and exchange data between networks by using its platform. A few users of ARK network have complained about “invalid authentication token” error, which might be related to server issues at the user’s end.

Other products include a mobile wallet, a desktop wallet, a multi-asset software development kit, and a Web 3.0 offering titled MarketSquare.

Also read: Bitcoin at $30,000: What does 5-year historical price data indicate?

ARK crypto

ARK token is native to the blockchain network of ARK. The token is said to be created by the “forging” process, unlike many other tokens that are mined. ARK crypto holders engage in the voting process to elect “delegates” who forge the token.

ARK crypto price

As of writing, ARK crypto was down on a year-to-date (YTD) basis. This resembled the movement in prices of other blockchain network tokens like ETH and SOL.

On a 24-hour basis, however, ARK crypto had gained, while many other tokens were in red. The price was nearly US$0.52. That said, ARK crypto has largely traded in red since the start of this year. A short-lived rally in price came in late-March, but it could not sustain.

ARK crypto price

Data provided by CoinMarketCap.com

Also read: DEI stablecoin loses USD peg after TerraUSD. Why?

Bottom line

ARK claims to provide blockchain services to even those enthusiasts that have little knowledge of this emerging tech. ARK crypto was one of the tokens in green as of writing. This was at a time when others like ETH and ADA were losing value. On YTD basis, ARK has shed substantial value. Hyper-volatility manifested by cryptos this year is one reason why ARK crypto price prediction is not possible.

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