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Highlights
- Bitcoin has slipped back to US$30,000, again reminding of its sheer volatility
- The LCX token, it is claimed, provides the users of LCX Exchange discounts on trading fees
- The LCX token is up sharply, and this may have to do with a hacking episode in January
Are cryptos suitable only for the short horizon? Or are they meant for the long-term, with HODL (hold on for dear life) as the leading sentiment of enthusiasts?
For cryptos, this year so far has been a ride hindered by a lot of hiccups. Bitcoin is again hovering near US$30,000, with little momentum that suggests it might end the year on a positive note. On separate occasions, however, altcoins have been known to take the lead. For example, UNUS SEO LEO (LEO), and TRON (TRX), are the only cryptos among the top 100 with a respectable year-to-date (YTD) gain.
But if cryptos are considered an asset for the short horizon, the competition can be higher. One altcoin, LCX, is leading at the moment, having soared nearly 30% over the past one day. Let’s explore.
What is LCX crypto?
LCX represents the Liechtenstein Cryptoassets Exchange, which supports trading in digital assets. The exchange claims to be compliant with “blockchain laws”, besides being a member of one of the bodies of the World Economic Forum (WEF).
The LCX ecosystem also provides Layer 2 DeFi protocol services, with focus on new token launches, especially Initial Coin Offerings (ICO). The project’s native token is LCX, which it says can incentivise the LCX exchange users. The LCX token allows savings on trading fees, it is claimed.
Also read: AS Roma Fan token volume balloons 400%; here are key features of ASR
Why is LCX crypto rising?
The LCX token has appreciated nearly 30% over the last 24 hours. One of the reasons might be a tweet by the company’s CEO about LCX’s legal partners having served a restraining order to a defendant in the form of a non-fungible token (NFT). It is being said that the “service” NFT was airdropped to the wallet of a hacker whose identity is unknown. The hacker attacked the LCX Exchange in January this year.
LCX crypto price
The LCX token is trading at nearly US$0.09, as of writing, with a market cap of over US$65 million.
The token’s 24-hour trading volume has jumped over 300%, lifting the price by almost 30%. On a YTD basis, the LCX token is trading at a loss. The price on January 1 was nearly US$0.2.
Data provided by CoinMarketCap.com
Bottom line
The question whether cryptos are an asset for the short-term or for a longer time horizon is a difficult one. It is, however, very likely that any altcoin may gain heavily over a very short span of time, like the LCX token, which is up almost 30% in just one day.
Also read: What you should know about Josh Allen NFTs
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