Why Loom Price is Surging 170% Higher Today – Can This Crypto Sustain Rally?
Loom price is up a gigantic 171% today as the Layer 2 platform threatens to go parabolic.
The Loom Network token is currently priced at $0.137 and has taken t out the year’s previous high at $0.12524.
Loom supporters have been quick to point out that is currently the no.1 trending coin on top exchange Binance:
Sustaining the rally could be easier than market participants might think at first glance.
Admittedly similar flash rallies of tokens can sometimes disappear as quickly as they materialise. But with the rest of the crypto universe turning green, helped by bitcoin trading above $22k, the green 1-day candle could consolidate, if not climb higher still.
LOOM is trading 79% below its all-time high. On a 3-month view the price has returned 281%.
Loom Network had its roots in gaming but has increasingly focused on enterprise.
Among the sectors it has been most active in securing business are the public sector, healthcare and data management, with its blockchain-as-a-system.
Underlying today’s price take-off is the expectation of the Ethereum Merge being successfully completed with no major hitches.
Last week Vitalik Buterin, the founder of Ethereum, said the transition to proof of stake (PoS) was on track to complete between the 12th and 17th of September
Loom, along with other Layer 2 solutions will continue to be value-adds for developers looking to run their dApps on Ethereum by utilising its security but pushing tasks require high throughput onto sidechains.
The Loom network’s main chain is called the Basechain and it makes use of delegated Proof-of-Stake (DPoS) for transaction verification, which makes it super efficient.
But it is the interoperability of its chain that particularly appeals to dev, as it make it relatively
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