Request crypto rises 18%, REQ trade volume zooms 4,500% with BTC in red

Highlights

• Cryptoassets may not be correlated, and one or more may rise even when BTC is under stress
• Request crypto has gained recently, with its trading volume having soared over 4,500 per cent
• REQ token is said to be deflationary, and its circulation can decrease with time due to burning

Can any altcoin rise when the broader cryptoverse is in red? CoinMarketCap data suggests that not one, but many assets may surge even when BTC is down.

As of writing, BTC was down almost three percent on a 24-hour basis. ETH too was in red, nearly 2.5 per cent. In contrast to this, tokens like Anchor Protocol (ANC), and Beta Finance (BETA) were up 100 per cent and 70 per cent, respectively. This shines light on how cryptoassets can defy their correlation to add to cryptoverse’s unpredictability.

One crypto trending and gaining as of writing was Request crypto or REQ token.

Request Finance

The project claims to build a financial world for the new version of internet -- Web3. Request Finance is a network where individuals and companies can raise crypto invoices. Tracking financial data, which includes salaries and expenses, is stated to be enabled on Request Finance.

The official website of the project mentions that over 1,400 companies are using Request services.

The website states Request supports over 70 cryptoassets including stablecoins, and over 10 blockchain networks. It is claimed that fiat currencies are also supported.

Also read: Top 5 costliest NFTs ever sold

REQ token

REQ, it is said, performs multiple functions as native token. It makes the network a DAO, where users can vote on proposals using REQ token. The token can be staked. REQ crypto also provides discounts to Request Network participants.

The token is said to be deflationary, with supply decreasing with increased use of Request Network. It is claimed that the project burns REQ tokens when the need arises.

REQ token price

REQ token has grown to become a top 200 asset on the CoinMarketCap list. As of writing, the market cap was over US$135 million.

The 24-hour trading volume had gained by over 4,500 per cent, and the price was up nearly 18 per cent. REQ token at the time of writing was trading at almost US$0.13.

Said to be available on major exchanges like Binance and Crypto.com, REQ crypto was rising at a time when BTC and ETH, the two major assets, were losing.

Data provided by CoinMarketCap.com

Also read: BTC and S&P 500 Index correlation over past 5 years

Bottom line

Request crypto claims to create an enabling financial ecosystem for cryptocurrencies. REQ token acts as the network’s native asset, with deflationary features. The token was trading in green when top assets like ETH and DOGE were in red. The exact reason behind the rise of REQ crypto cannot be ascertained. Cryptoassets can gain or lose on sentiments, even in absence of any fundamentals. Request crypto price prediction can be speculative.

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