Despite the crash currently being experienced by Bitcoin (BTC) and other cryptocurrency in the crypto market, a quite unpopular crypto (Tachyon Protocol IPX token) has experienced a significant comeback this month to the tune of 80%!
The cryptocurrency went from $0.0539 on March 1st to 0.0971 on Thursday – an impressive jump of 80% and is currently valued at $0.0922 with a market capitalization of $24.7 million, making it the 111th largest cryptocurrency.
This is coming at a time when the entire crypto market is literally fighting to recover from a historic crisis. For instance, cryptocurrencies like Bitcoin began the month at $8,564 and rose all the way up to $9,136, before taking a sharp plunge to as low as $4,121, a plunge that was as a result of the global COVID-19 pandemic. Bitcoin (BTC), currently, is at $6,228, and has faced a 27% decrease since the start of the month.
Launching new cryptocurrencies are very risky and volatile given that the markets are highly saturated. And although it is difficult to say if the Tachyon Protocol’s rally would remain sustainable, it does show prospects. The new crypto asset was said to have been launched on February 25th and is now supported on OceanEX, HitBTC and Bithumb.
The team at Tachyon Protocol is set to create a decentralized internet protocol and according to sources, the IPX token is designed to be used as a means of payment between users on the network and for staking, which allows people who own the cryptocurrency to help power the network and process transactions in return for rewards. Currently, the token is unavailable in countries such as the US.