Loopring Price Prediction: Why is Loopring LRC going up?

The price of Loopring (LRC) has surged by over 51% from November 9 to 10 to set a new all-time high above Rs. 254. The 24-hour lowest value of the cryptocurrency was Rs. 163.83 and while compiling this report, the value of one LRC is Rs. 254.10. On the cryptocurrency trading platform CoinDCX, Loopring is currently the highest surging digital coin, followed by ZCash(ZEC) and Litecoin (LTC). Keep reading to know more about Loppring price prediction and is Loopring a good investment. 

For those catching up, Loopring is an Ethereum based token that describes itself as an "open-sourced, audited and non-custodial exchange protocol." Loopring was created with a vision to incentivize the global network of users and enable platforms for the creation of new crypto exchanges. Loopring claims to outperform other decentralised changes built on Ethereum with the use of relatively new cryptography called zero-knowledge rollups or zkRollups. 

Loopring price prediction

• According to walletinvestor.com, the price of Loopring will go down to $1.862 or around Rs. 140 in one year. 
• According to coinquora.com, the price of Loopring (LRC) will rise up to $5 (~ Rs. 370) in the first half of 2022.
• According to digitalcoinprice.com, the price of Loopring (LRC) will rise to around $4.8 by the end of 2021 and up to $9.42 by 2025.
• According to priceprediction.net, Loopring (LRC) might surge up to $12.34 by 2025. 

Loopring currently holds a market value of over Rs. 300 billion. Due to the surge in price, there has been a rise in trading volume over the last 24 hours, up to Rs. 526.7 billion (up by 77%). Currently, there are over 1.3 billion LRC coins in circulation, which is 97% of the total supply. Within the past one hour, the cryptocurrency has climbed by over 10%. Interestingly, the digital coin has doubled its value in the past seven days. Over the past week, rumours about GameStop developing an NFT marketplace over Loopring has lured in investors, causing a steep upward graph. 

Is Loopring crypto a good investment?

Previously, investors and market analysts have seen a sudden spike in the prices of a digital coin only to average out quickly as investors book profits and sell the digital assets. In the coming time, it will be interesting to see whether Loopring (LRC) maintains its average price at the surged price of over 50%. That being said, the majority of predictions are in favour of Loopring being a good long term investment.

Image: UNSPLASH/Medium.org