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Highlights
- LOOM’s trading volume jumped over 1126% in the last 24 hours to Tuesday morning.
- The token gave a return of 16.56% over the past 12 months.
- Its 52-week highest price is US$0.294.
The Loom Network (LOOM) token price surged more than 8%, while its trading volume increased over 1126% in the last 24 hours to Tuesday morning.
What is Loom Network (LOOM)?
Loom provides services to platforms created on the Ethereum Blockchain. It helps developers run large-scale decentralized platforms. The Loom token was issued in October 2017.
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Loom allows app developers to secure smart contracts to facilitate more computing power at cheaper rates. It is used for completing tasks like trials for onboarding new users or apps that generally do not require full blockchain security to start.
Within the system, one can interact with APIs developed by third parties that are not present on-chain. The loom platform allows smart contract developers to create apps without switching to another programming language.
What is LOOM crypto? Know price, performance
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Developers are allowed to integrate their apps with the outside world. Loom primarily runs on Plasma, a scaling solution that facilitates faster transactions within the network.
The network was created by Matthew Cambell, Luke Zhang, and James Martin Duffy in 2017. LOOM, an ERC-20 digital token, is mainly used to pay for services on the network.
The LOOM token’s current circulating and maximum supplies are 1 billion. It is available for trade on exchanges like Huobi, Coinbase Pro, HitBTC, Bittrex, etc.
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Source: *Data provided by CoinMarketCap.com
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LOOM’s price, performance
The LOOM token was priced at US$0.08274 at 6:58 am ET on February 8, up 8.11%. Its trading volume was US$124.34 million in the last 24 hours to Tuesday morning, up 1126.43%.
It has a market capitalization of US$82.83 million, and its fully diluted market cap is US$84.41 million. The token gave a return of 16.56% over the past 12 months.
The token saw its highest price of US$0.294 and the lowest price of US$0.03248 in the last 52 weeks. It climbed to an all-time high of US$0.7745 on May 4, 2018.
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Bottomline
The crypto market is gaining traction lately after seeing a regular fall over the past month. The stock market also declined sharply. Currently, markets are volatile. Hence, investors should carefully evaluate digital assets before considering an investment.
