Under-the-Radar Ethereum-Based Altcoin Defies Crypto Doldrums and Surges 110% This Week Amid New Product Update

An Ethereum (ETH)-based altcoin that’s flying underneath the radar is transferring in opposition to the largely bearish crypto worth motion this week after surging over 110% up to now seven days.

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

The venture’s native token, POWR, is buying and selling at practically $0.737 at time of writing, an enormous rise from its weekly low of $0.35. The 171st-ranked crypto asset by market cap can be up practically 25% up to now 24 hours alone.

In response to Powerledger’s official website, the crypto venture goals to help the decentralization of the vitality grid, assist transition towards renewable vitality and help customers in conserving monitor of their energy utilization.

POWR’s beneficial properties materialized amid this week’s unveiling of xGrid 2.0, the most recent model of Powerledger’s blockchain-enabled vitality buying and selling platform.

The venture says the brand new buying and selling platform has a “modern and minimalistic” consumer interface (UI) and elevated flexibility with demand and percentage-based secondary market energy buy agreements (PPA).

PPAs are usually used for renewable vitality sources and include third-party builders putting in and working vitality techniques on their prospects’ properties, in response to the U.S. Department of Energy. The shopper can obtain low-cost vitality whereas the developer will get to promote extra electrical energy from the system.

Regardless of POWR’s beneficial properties this week, the token stays greater than 61% down from its all-time excessive of $1.89, which it hit all the way in which again in January 2018, in response to CoinGecko.

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