In an environment where the crypto money market is declining, an altcoin rose by 55 percent in a week despite everything. Let’s take a look at the details about this Ethereum (ETH)-based altcoin.
Altcoin rising 55% by challenging the falling market
The overall cryptocurrency market is experiencing a decline these days. While Bitcoin price declined from the $31,000 region to $27,000, Ethereum price also rose from the resistance around $2,100 to $1,700.
Thus, in one environment, the price of Polymath (POLY) rallied sharply from its weekly low of $0.176 to a high of $0.272.
POLY had the peak of the last week yesterday. Then he made some corrections as well. It is now trading at $0.231. It has dropped 11 percent in the last 24 hours. Despite this, it retains a significant portion of its earnings.
Polymath aims to provide customers with technology to create, issue and manage unique security tokens on the blockchain. Polymath blockchain uses POLY tokens for transactions. This token is used as payment to create new tokens, maintain the network and oversee compliance.
Polymath has recently become a member of the Canadian Association for Alternative Strategies and Assets (CAASA). This organization is an organization that proclaims itself as Canada’s largest association representing the alternative investment industry. The organization has around 400 members, including projects in the crypto space.
With the recent rise and subsequent correction, POLY price seems to have gained 50 percent since the beginning of the year. Of course, despite the rise this week, it is still 85 percent behind the ATH value of $ 1.59. He had seen this ATH value in February 2018.