Loopring skyrockets to $0.51. What is LRC token’s price prediction?

Published on August 23, 2021 07:12 AM EDT

Loopring skyrockets to $0.51. What is LRC token’s price prediction? — Image source: by-studio, Shutterstock.com

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?

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.

Raza Naqvi

Author

Raza Naqvi - Financial Journalist
1007 Posts
Raza comes from a hard-news background and is an experienced writer with a demonstrated history of working in reputed organizations like the United Nations, Indian Express, and Hindustan Times. Currently, he is exploring the financial world!...
Shreya Biswas

Editor

Shreya Biswas - Multimedia Journalist
408 Posts
Shreya Biswas is a multimedia journalist with a degree from the Asian College of Journalism. Previously a literature student-turned-political reporter, she now writes on market trends at Kalkine Media. When not chasing deadlines, she enjoys bloggin...

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.