All ICOICO statsRatingReviewsBlogStaterRate3News Wallets Mining Exchanges Chart Events
Join

0x Price Analysis and Prediction: ZRX +13% despite crypto market going down. Thursday, May 24

24 may 2018, 17:54 by

Many people probably woke up petrified by what they saw on the cryptocurrency charts, as the whole market dropped significantly after Bitcoin failed road to $9000 mark. Within two days BTC price has dropped from $8500 region down to $7500 and still falling further. In the red sea of negative prices, one token has stood out with its brave +13%.

What is 0x protocol

0x project is an open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade.

0x Price Analysis and Prediction: ZRX +13% despite crypto market going down. Thursday, May 24

What gives value to the 0x token

The token is mostly used by the decentralized exchanges, which are becoming more and more popular in the cryptocurrency world. The most notable thing is that there are many projects built upon 0x protocol already: Augur, Blocknet, Ethfinex, Radar, Paradex, Amadeus, OpenRelay or imToken just to name a few. Their success affects 0x worth and recognition.

Important 0x News

Paradex teams up with Coinbase

Paradex is a decentralized cryptocurrency relayer built upon 0x protocol. It is used for a wallet to wallet transfer of ERC-20 tokens. Paradex gave an announcement of their cooperation with Coinbase exchange, which is one of the biggest and most recognizable in the cryptocurrency world currently. They said: "One year ago, this month, we set out to build the best decentralized relayer that empowers users with self-custodianship. A year later, we're not only extremely proud of what we've achieved, but intensely optimistic about where our space is headed. Coinbase was our very first interaction with crypto, our gateway to the world of blockchain. Right from the beginning, they set a bar that the entire ecosystem, Paradex included, has aimed to reach. That drive toward quality, openness and adoption has really served as the foundation to this acquisition."

0x version 2 update

There is a 0x protocol update coming up this July which will bring many new features. It will improve the architecture for handling ERC-20 tokens, while also develop and focus on other systems like ERC-721 for example. This means that users will be able to exchange cryptocurrencies like Ethmoji's, Fan Bits, Cryptokitties and other unique crypto-based items. Version 1 allowed companies to develop their own token with a decent degree of support. However, it was lacking in terms of scaling potential. Version 2 extends the support for different token concepts other than standarized asset types.

ZRX Price Movement Analysis

For a couple of last days the price has confidently fluctuated at around $1.4 with a slight and stable downtrend, which then changed to a rapid fall in value. The lowest point ZRX price hit at $1.02. Within an hour, out of nowhere the price jumped surprisingly to exceed even last days tops. ZRX increased almost 50% to $1.49. The price has now stabilized at around $1.30 region, however the growth it still looks very positive compared to the rest of the market, which hasn't recovered yet.

ZRX/USD Price Chart, Thursday May 24th:

0x Price Analysis and Prediction: ZRX +13% despite crypto market going down. Thursday, May 24

0x Prediction

The upcoming Version 2 update will undoubtedly affect the price in a positive way. The rest of the 0x protocol fate is mostly put into the hands of the projects which benefit from this technology and they are prospering rather good. Paradex cooperation with Coinbase can also be a propeller into higher price regions, as Coinbase is a big player in the crypto market. We can maybe expect price slightly above $2 after July's update.

Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.

You may also like

Comments

Write comment 0 comments

You need to login to create comments.

Get the week’s best ICO right in your inbox