This morning the markets are looking steady. The major cryptocurrencies are up, albeit only slightly, with few stand out currencies really taking hold of the positive markets. One of these however is 0x, the native token to the 0x Project, the open protocol for the decentralised exchange of Ethereum based tokens.
At the time of writing, 0x is valued at $1.13, up 9.69%. 0x sits in 23rd placed for market cap, with a total market capitalisation of $606,734,111.00, as according to Coinmarketcap.com.
We wanted to explore why 0x is experiencing a surge at the moment, though as it stands there have been no significant news developments, not at the time of writing this piece at least.
Even Tom Schmidt of the 0x Protocol has been quiet on Medium of late, therefore we are left to wonder what is happening here.
If we track back a couple of days, 0x dropped from a value of $1.02 on the 5th of July 2018, down to $0.77 on the 12th of July 2018. This is a decline just shy of 25% so therefore, the current 10% surge in 0x is likely just a corrective response to last weeks decline.
There could of course be something far bigger going on within the 0x protocol that could be pushing the price of 0x up.
As it stands, we don’t expect 0x to continue to fly through the week. Overall we can only expect its value to level out just over $1.00 as it has over the past few weeks.
Our advice for now – keep an eye on 0x, it has a very promising future as its system grows. Today alone, it seems to be making progress and therefore, we are marking this as one to watch throughout the rest of July. Please do remember though that this is not investment advice, the markets are volatile and just as easily as 0x seems to fly, it can drop too. Trade safe.