Daily Crypto Update: LOOM Rises 46 percent in 24 hours!

Loom Network (LOOM) has risen 46 percent in the last 24 hours. The cryptocurrency saw a low of 0.281842 USD yesterday, May 1, and is now being traded at 0.417619 USD.

What is LOOM?

Loom Network is a Platform as a Service (PaaS) which allows running of Ethereum-based Solidity apps on private, permissioned and public chains. It helps DApps run faster and cost lower when there is no need for full security of the blockchain for operations. LOOM also allows DApps to have free trials which would help in attracting new users among many other great features.

Reasons for the Rise

The crypto market is unpredictable and while there isn’t a specific reason for the rise of LOOM, one may accredit the substantial rise to the announcement and recent addition of the cryptocurrency to Binance.

Another reason for the rise could be an ETH giveaway which some Twitter users are carrying out in the name of LOOM. This giveaway is a hoax and has been condemned by their official Twitter account.

Other Big Gainers

Fusion (FSN) has risen up by 22 percent in the last 24 hours, while ReddCoin (RDD) has seen a growth of 21.78 percent.

Zilliqa (ZIL) is another cryptocurrency to have risen considerably in the last 24 hours with an impressive growth of 19.46 percent.

Mithril (MITH) rose by 18.61 percent in the last 24 hours while Stratis (STRAT) has risen by 13.99 percent in the same time.

Biggest Losers

While mentioning the biggest gainers, it is apt to also point out which cryptocurrencies have lost the most in the last 24 hours.

Bitcoin Private (BTCP) has lost 8.82 percent making it the biggest loser in the last 24 hours. It is followed by  Centrality (CENNZ) which has lost 3.22 percent.

Followed shortly by CENNZ is aelf (ELF) which has lost 2.94 percent.

The last on our list of biggest crypto losers is Decred (DCR) which has lost 2.30 percent.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.