While the cryptocurrency market has been declining for the last month, Loom Network (LOOM) has achieved a 500 percent increase.
The dynamism in the global economy and the accompanying decline in emerging markets continue to occupy the agenda. The cryptocurrency market also experienced a decline due to global factors. Bitcoin lost the support of $27 thousand. Altcoins were also affected by the Bitcoin decline.
While the crypto market experienced an average decline of nearly 20 percent in the last month, a surprising rise came from an altcoin. LOOM achieved a profit of 500 percent.
Loom Network (LOOM) cannot be stopped!
Ethereum-based DeFi platform Loom Network (LOOM) has experienced a 529 percent daily increase in the last month.
LOOM managed to become the cryptocurrency that gained the most value against the market fueled by the war. BTC and ETH have decreased by nearly 2 percent in the last 24 hours. Despite such a decline in the heavyweights of the crypto market, LOOM gained over 25 percent in value in the last 24 hours.
With its rise, LOOM increased its market value from $50 million to $360 million. With this rise, LOOM became one of the top 100 cryptocurrencies by market value.
LOOM’s rise came as it weathered the market decline. There was buying pressure as it was one of the most rising altcoins in the market. Crypto investors flocked to LOOM as it weathered the decline. According to CoinMarketCap data, LOOM’s volume in the last 24 hours reached 200 percent.
Loom Network offers multi-chain interoperability for application developers. The project is located on the Ethereum network. Loom Network, which has many blockchain initiatives, has attracted attention recently.
The project’s native token, LOOM, was at $0.04382 on September 13. Exactly one month later, the value of the cryptocurrency moves to the level of $0.26.
