A lesser-known cryptocurrency has rallied this month, despite the widespread Bitcoin (BTC) and crypto market downturn.
Tachyon Protocol’s IPX token went from $0.0539 on March 1st to a high of 0.0971 on Thursday – a jump of 80%. IPX is currently valued at $0.0922 with a market capitalization of $24.7 million, making it the 111th largest cryptocurrency.
In contrast, practically the entire crypto market is fighting to recover from a historic reversal.
Bitcoin began the month at $8,564 and rose to $9,136 on March 7th, before plunging as low as $4,121 as global markets collapsed amid fears of the coronavirus. Bitcoin is currently at $6,228, a 27% decrease since the start of the month.
Whether Tachyon Protocol’s rally is sustainable remains to be seen.
The new crypto asset launched on February 25th and is now supported on Bithumb, OceanEX and HitBTC. New cryptocurrencies are especially risky and volatile in a space that’s already notoriously dangerous to invest in, with many assets having lost 90% or more of their value since their inception.
The team at Tachyon Protocol says it’s working to create a decentralized internet protocol. The token is unavailable in countries such as the US, where the company says it could be viewed as a security. Tachyon Protocol released a “next-generation virtual private network” on the App Store and Google Play last week.
According to the white paper, the IPX token is designed to be used as a means of payment between users on the network.
It will also be used for staking, which allows people who own the native cryptocurrency to help power the network and process transactions in return for rewards.