LRC is a token of platform Loopring. Its current price is around $1.17 by the time of writing, with a low of $0.1747 in 2021, and has a market cap of 1.5 billion dollars. This week has been a good week for Loopring traders. The project’s value has increased by over 50%, and the coin is now ranked #68 on CoinMarketCap.
What is Loopring?
Loopring is a layer-two solution. Simply put, it allows for faster transactions via zk rollups without accessing the blockchain. In addition, it unlocks high speeds by using off-chain processing, which is faster than accessing on-chain data.
Daniel Wang founded Loopring, intending to combine centralized order matches with decentralized on-blockchain settlements of orders to create a hybrid product that will take the best features of both exchange types. Loopring allows for off-chain clearing of thousands of requests. It does this by processing batches which helps eliminate the performance bottleneck that most blockchain networks have.
What is LRC?
LRC is the coin of the Loopring platform, which is around $1.17 by the time of writing, with a low of $0.1747 in 2021. Although its current ranking is #68 according to CoinMarketCap, with a market cap of 1.5 billion dollars, it reached a high of $3.83. LRC is an ERC 20 token that runs on the Ethereum blockchain.
LRC Coin Market Analysis
LRC has a max supply of 1,374,513,896 coins worth around $1.17 with a market volume of 450 million dollars, whereas the market capitalization is 1.5 billion dollars at writing.
This week, Loopring (LRC) rose to its highest level in the past three months because GameStop’s NFT marketplace built on Loopring L2 went live. This was a big event, and as a result, the altcoin retested a crucial barrier mark and is teasing to break it with success.
LRC Price Prediction
Loopring is considered a long-term investment, although not as much a short-term one. Nevertheless, price development has increased the value of LRC significantly, and it looks like the uptrend will continue.
On the 1D timeframe, $LRC/USDT has formed out the Bullish Harmonic Bat pattern, where the price action is getting reversed from its Potential Reversal Zone level.
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