Loopring cryptocurrency (LRC) is staging a recovery in its price. As of May 13th, US EST late night, LRC is trading at US $ 0.66313. The market cap is US $ 379 million, and it’s ranked 58th.
Loopring Price Forecast for May, 2018
The below graph tracks the recent 1-week trend of LRC price and market cap:
Loopring’s downward trend earlier this week can be attributed to the general downturn in the crypto market. The news that the financial regulator in South Korea, i.e. Financial Services Commission (FSC), will join an ongoing probe into the crypto exchanges in that country had affected the overall crypto market. South Korea is a key country for the global cryptocurrency market, because of heavy enthusiasm among the country’s population for crypto assets.
On the other hand, the blockchain technology summit Consensus 2018, scheduled to start on 14th May at New York, has had its desired effect on the crypto market. Historically, due to added interest in the crypto market from industry watchers and investors during top blockchain technology summits result into increase prices of cryptocurrencies.
Over in the long-term, Loopring promises to be a good bet for investors. This network is a decentralized automated execution system which trades across crypto exchanges. The users are protected from counterparty risk, and their cost of trading reduces with Loopring.
The members needn’t send any token to exchanges for custody. Their tokens remain in their blockchain addresses, thus improving the security. Exchange bankruptcy or Distributed Denial of Service (DDoS) attacks can’t affect the users anymore.
Loopring automatically executes orders, while the funds of the traders remain under their control, because Loopring uses decentralized smart contracts for the transactions.
Loopring can break the orders into small breaks, and identifies the best exchanges and trading times for the order. The system applies game theory to optimize trading results.
The decentralized, automated trading intelligence interfaces between crypto exchanges and blockchains, while Loopring uses their balance sheet to realize greater liquidity than what’s available in the market.
True to the concept of an open-source system, Loopring was designed to be blockchain-agnostic. It can be implemented for any blockchain that supports smart contracts, and any token built using ERC20 standards can be traded using Loopring. However, since NEO and QTUM blockchains don’t support Ethereum smart contracts, the Loopring team is also working on Loopring NEO (LRN) and Loopring QTUM (LRQ).
Protecting traders from the risk of crypto exchange hack, by giving them a trading option where they don’t need deposit any fund to the exchange, is an idea with bright future, and therefore Loopring will remain an important crypto asset.