Radix (XRD) Gains 14% In The Past Week, Continues Impressive Form
30 April 2023 - 8:49PM
NEWSBTC
XRD, the native token of the Radix network, looks set to end the
month in great form, having recorded an impressive 14.2% price
surge in the past week. According to data from CoinGecko, the
cryptocurrency is the 46th-largest token, with a current market cap
of $1.1 billion. Meanwhile, blue-chip cryptocurrencies BTC and ETH
have also gained 5.2% and 1.5%, respectively, in the last seven
days. Related Reading: Radix (XRD) Soars 18% On Heels Of Milestone
RCnet Success Radix Up By 167% In 30-Day Price Rally The past
week’s headlines were dominated by the First Republic Bank’s
ongoing crisis and the anticipated return of Bitcoin’s price to
30k. As a result, the market performance of most altcoins,
including Radix, has largely gone under the radar. CoinGecko
data reveals that RDX is one of the best-performing tokens in the
last seven days. Interestingly, a broader look at the market shows
that this bullish run stretches as far back as a month. In the past
30 days, XRD has rallied a staggering 167% price increase, reaching
a 12-month high of $0.15 level during the period. This price
upswing came with a boost in market capitalization, enabling Radix
to break into the top 50 largest cryptocurrencies by market cap. As
of this writing, XRD is valued at $0.111545, tallying a 5.1% price
jump in the past 24 hours. However, it is worth noting that the
coin’s trading volume slipped by 16.40% in the same period,
indicating a recent dip in market activity. XRDUSD trading at
$0.10774 | Source: XRDUSD chart from TradingView Milestone Radix
Upgrade, Babylon, To Launch In July It appears that the recent
price rally of Radix is connected to the impending upgrade slated
for July. According to Markus Thielen, head of research and
strategy at Matrixport, Radix’s March fundraiser and the
highly-anticipated upgrade seem to have heightened interest in the
XRD token. Price action reveals that the XRD gained more than 15%
on March 23, the day the fundraiser was announced. A week after,
the coin would experience a remarkable price surge in the wake of
the Release Candidate network (RCNet) rollout. That said, the
mainnet, codenamed Babylon, is scheduled to launch on 31st July and
introduce smart-contract functionality to the decentralized Radix
network. Babylon will enable developers to build robust and
excellent decentralized applications. “The Radix Public Network
upgrade from Olympia to Babylon will occur on or about July 31st,
2023, paving the way for global Web3 and DeFi to finally exit the
‘tech demo’ stage with a mainstream-capable user and developer
experience,” Radix stated in its official announcement.
Furthermore, this upgrade will natively facilitate the liquid
staking of XRD tokens through the issuance of Liquid Stake Unit
tokens. Ultimately, this means that there won’t be a need for other
equivalent staking protocols, such as Lido. Related Reading: Render
Delivers With 40% Gain As RNDR Dominates Sunday Charts Featured
image from Coin Republic, chart from TradingView
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