Powerledger (POWR) is a relatively unknown cryptocurrency. Nevertheless, the coin recorded almost three times as much trading volume on the Dutch crypto exchange Bitvavo in the last 24 hours. What is Powerledger and could be the cause of the huge increase in volume?
Litecoin is taking the lead as a payment method in the crypto world
Altcoin news
The Powerledger course falls into bed
In the overview of all 200+ cryptos on Bitvavo, Powerledger clearly stands out. The altcoin recorded a trading volume of 34 million euros in the last 24 hours.
This means that Bitcoin (BTC) is far behind when it comes to trading volume. The orange king of crypto land is at 13.8 million euros.
The high trading volume appears to be due to the massive volatility the cryptocurrency has experienced in the last 24 hours. POWR is down more than 35%.
The cryptocurrency's decline began at 9:30 a.m. Dutch time this morning after the altcoin reached a price of 1 euro and 10 cents. But after about two hours, POWR dropped back down to just under 50 cents.
There is no obvious reason for the massive crash. It is possible that many traders do this lung were liquidated after the price fell more than expected. This can be seen, among other things, in the Coinglass graphics.
The gentlemen at DoopieCash cite the lack of liquidity as one of the causes:
$POWR something with liquidity…🙈#altcoins pic.twitter.com/UEhIyoeH0g
— DoopieCash® (@DoopieCash) January 7, 2024
What exactly is Power Ledger?
Powerledger is an innovative platform that harnesses the power of blockchain technology to decentralize energy trading. It allows consumers who generate their own energy to sell their excess energy directly to other consumers.
This is a departure from the current system where excess energy is returned to utilities, with some revenue lost. Powerledger wants to change this dynamic by providing more transparency about the origin and production method of energy.
Still, Powerledger remains a relatively small coin, making it particularly vulnerable to volatility. This is because the volume is often lower than major cryptocurrencies such as Bitcoin or Cardano (ADA).
Free crypto, like 10 POWR
Are you looking for a reliable cryptocurrency buying partner like Powerledger? In collaboration with Crypto Insiders, Dutch trading platform Bitvavo is giving new users 10 euros free. That's about 20 POWR! Traders can decide for themselves how they spend the 10 euro welcome bonus. Bitvavo supports more than 200 cryptocurrencies.
Click the button below to create a new account on Bitvavo:
Get 10 euros free
Post views: 8th