Kevin Svenson Projects Loopring To Outperform During Next Altseason
According to a crypto market analyst and trader, Kevin Svenson, Loopring (LRC) could turn out to be one of top altcoin performers, should we enter altseason.
The analyst shared with his 98.4K followers on Twitter that layer-2 protocol Loopring (LRC) – assuming that altseason begins – could outperform majority of the crypto market.
“IF we get an Alt-Season sometime soon I think LRC could be one of the top movers. This one usually moves up with tons of velocity. Currently bottomed out. Also, Loopring is one of my favorite Layer-2 solutions for ETH during times of high fees.”
IF we get an $Alt-Season sometime soon I think $LRC could be one of the top movers. This one usually moves up with tons of velocity. Currently bottomed out.
On Wednesday, 23 March, LRC jumped from around $0.84 to $1.23, but has since corrected some, and at the time of writing is trading at $1.16, up 67% on the weekly chart.
The price appreciation started when Loopring announced that the beta version of GameStop’s new NFT platform built on Loopring blockchain is live for early sign-ups and fund deposits. An official launch is expected to happen soon.
Loopring combines elements of centralized and decentralized cryptocurrency exchanges to create a protocol that will enjoy their unique advantages and eliminate inefficiencies.
Loopring protocol seeks to keep the advantages of decentralized exchanges while reducing or eliminating their inefficiencies via innovative hybrid solutions. Through managing orders in a centralized manner but settling the trades on-blockchain, and combining up to 16 orders into circular trades instead of allowing strictly one vs. one trading pairs, Loopring expects to increase the efficiency of order execution, as well as enhance the liquidity of DEXs.
