The coin 0x, designated by the symbol ZRX, has grown a whopping 314% in the last month alone. Starting off April 11th with an opening price of $0.57, 0x climbed the incline to its current value of $1.79.
The 0x protocol is a permissionless, open-source protocol, which allows for ERC20 tokens to be traded on the Ethereum blockchain. It also supports off-chain processing of transactions, eliminating the blockchain bloat associated with on-chain transactions. This is done through a ‘relayer’ which broadcasts orders and collects fees every time a trade is facilitated. The 0x protocol also allows for easier integration in decentralized applications or dApps that require functionality for exchanges, as it is a ‘pluggable building block’.
The token associated with the protocol has seen growth over the past week, mirrored by its performance over the month, growing by 7.01%. It even brushed the $2 limit earlier this week on May 10th, before falling down to hover around the $1.90 area. It is currently trading at around $1.79.
It broke the $1 limit last month on April 24th, continuing to climb as it broke the $1.50 resistance just 10 days later on May 4th. This growth echoes the explosive growth it had in January of this year, where it jumped from $1.30 to $2.43 on January 8th and 9th. This was its all-time high.
It is currently at position 29 by the overall market cap, not even featuring in the top 25. It has an overall market cap of $881 million. It has a mere $40 million difference to its closest competitor, the infamous Verge [XVG] currency. With its continued growth rate, 0x is poised to take over XVG with a 10% growth in its value, given that the value of XVG remains constant.
Investors have a positive outlook towards 0x as a company and the ZRX currency, as seen by Twitter user Patrick Muller’s comment. He says:
“This has to be the best project in the space. Will writes so well and clearly. You get my vote!”
Tomaz, another Twitter user says:
“Just warming up. Wait for the real blast.”