IPX edges into positive territory, surged 80% even though its top peers revers
There is one cryptocurrency that has a reasonably high growth rate against Bitcoin despite the declining crypto market. That’s the Tachyon Protocol’s IPX token.
IPX surged 80% in three weeks amid Bitcoin and crypto market
Nevertheless, IPX rebounded as it headed into March, rising from $ 0.054 to as high as $ 0.093 as of press time. The counter moves helped IPX to become one of the most profitable cryptocurrencies, beating even the leading US stock index markets that plunged to their record lows amidst the escalating COVID-19 boom.
In contrast, the reality is that the entire cryptocurrency market is struggling to recover from a historic reversal. Bitcoin started the month at $ 8,564 and rose to $ 9,136 on March 7, before falling to a low of $ 4,121 when the global market collapsed amid concerns about Coronavirus. Bitcoin price is currently at $ 6,297, down 27% since the beginning of the month.
IPX’s technical outlook
IPX is a new cryptocurrency that was launched on February 25, 2020. IPX’s overall gains followed a string of uplifting news, starting with its listing on HitBTC and Bithumb, two of the world’s leading crypto exchanges. The bullish moves also took their cue from the launch of Tachyon Protocol’s first decentralized product: a virtual private network (VPN) application (app).
Dubbed as Tachyon VPN, the app utilizes Tachyon’s blockchain technology to make the internet more secure and private. It serves as one of the first testaments that experiments and completing upon the TCP/IP protocol: By removing central servers with a point-to-point protocol.
So instead of relying on VPN services that risk low security because of their unsafe “tunnels,” users can opt for Tachyon that opts for distributed nodes to provide services to each other. Meanwhile, IPX becomes a de-facto reward token in the entire process, bringing an underlying valuation to itself.
Traders may have perceived IPX as a bullish asset based on its involvement in a growth-based business model. That partly explains why the crypto beat its rivals even against a gloomy market outlook caused by the COVID-19 epidemic.
This new cryptocurrency is particularly risky and unstable in a space that is already very risky to invest in, with many assets losing 90% or more in value since inception.
Tachyon’s IPX is a very new asset, which means it lacks adequate historical references that could predict its price patterns soon. For now, the cryptocurrency is choppier and low on volumes as it gains legitimacy before potential adopters. There is, however, a hit-and-miss model that might work in favor of traders with high-risk appetites.
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