More

    Ethereum-Based Altcoin Surges 110% Despite Crypto Downturn Following New Product Update

    An Ethereum (ETH)-based altcoin that’s flying under the radar is moving against the largely bearish crypto price action this week after surging over 110% in the past seven days.

    Power Ledger (POWR) is a blockchain that’s designed for decentralized and distributed energy markets.

    The project’s native token, POWR, is trading at nearly $0.737 at time of writing, a massive rise from its weekly low of $0.35. The 171st-ranked crypto asset by market cap is also up nearly 25% in the past 24 hours alone.

    According to Powerledger’s official website, the crypto project aims to aid the decentralization of the energy grid, help transition toward renewable energy and assist consumers in keeping track of their power usage.

    POWR’s gains materialized amid this week’s unveiling of xGrid 2.0, the latest version of Powerledger’s blockchain-enabled energy trading platform.

    The project says the new trading platform has a “modern and minimalistic” user interface (UI) and increased flexibility with demand and percentage-based secondary market power purchase agreements (PPA).

    PPAs are typically used for renewable energy sources and consist of third-party developers installing and operating energy systems on their customers’ properties, according to the U.S. Department of Energy. The customer can receive low-cost energy while the developer gets to sell excess electricity from the system.

    Despite POWR’s gains this week, the token remains more than 61% down from its all-time high of $1.89, which it hit all the way back in January 2018, according to CoinGecko.

    Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

    Check Price Action

    Follow us on Twitter, Facebook and Telegram

    Surf The Daily Hodl Mix

    Check Latest News Headlines


    &nbsp

    Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

    Generated Image: Midjourney

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...

    bitcoin
    Bitcoin (BTC) $ 51,268.74 0.62%
    ethereum
    Ethereum (ETH) $ 2,961.47 0.89%
    tether
    Tether (USDT) $ 1.00 0.05%
    bnb
    BNB (BNB) $ 381.55 0.76%
    solana
    Solana (SOL) $ 102.61 1.32%
    xrp
    XRP (XRP) $ 0.539996 0.45%
    staked-ether
    Lido Staked Ether (STETH) $ 2,960.21 0.90%
    usd-coin
    USDC (USDC) $ 1.00 0.04%
    cardano
    Cardano (ADA) $ 0.589909 0.13%
    avalanche-2
    Avalanche (AVAX) $ 36.61 1.21%