According to data that has been received from TradingView and Cointelegraph Markets Pro, it has been understood that the LRC price has gained around 57%. This increase took place between the 21st of March and the 23rd of March. The price increased from $0.78 to $1.23 amidst a major spike in its 24-hour trading volume to $2.75 billion. The reason behind this impressive growth has been that several needs within the cryptocurrency community need to be fulfilled- which could be a project in itself as it sets apart from the competition- something that would be attracting users and liquidity to its ecosystem.
LRC Going Through A Phase With High Prices
Loopring LRC has the same idea to a certain extent. They want to do this by aiming to offer an Ethereum Virtual Machine-based solution which would be coupled with low fees where DeFi and NFT developers and investors would be allowed to transact. The layer-2 scaling solution would soon utilize zk-Rollups in order to provide fast and low-cost transactions. Goes without saying, the project has been gaining some more traction throughout the month of March.
There have been three different reasons that went on to help the spark that set about the reversal in the price for LRC- which includes the beta launch of the GameStop NFT marketplace on the network. This, in turn, has mixed in with the inflow of new users- along with an NFT ecosystem that seems to be expanding rapidly.
But, we would only talk about the most recent and significant development that went on to help drive the increase in the demand for LRC on the 23rd of March. It was then followed by GameStop integrating the beta version of the NFT marketplace with the network of Loopring.