Loopring Rises by More Than 60% as GameStop Rumors Fuel Rally

The cryptocurrency market is currently correcting after the recent rally, but Loopring continues its recent excellent performance.

LRC Surges by More Than 60%

The crypto market has been performing excellently since the start of the month, with Bitcoin, Ether and several other coins hitting new all-time highs. However, Bitcoin is currently down by more than 2% from its all-time high, while Ether has lost more than 1% of its value over the past 24 hours.

Despite the broader crypto market currently retracing, Loopring has been performing excellently. The coin is currently the top performer amongst the leading 100 cryptocurrencies by market cap. LRC is up by more than 60% over the past 24 hours, setting a new all-time high above $3.80 a few minutes ago.

At the time of writing, LRC is up by 59% over the past 24 hours and trading at $3.78 per coin. In the past seven days, LRC has added more than 180% to its value, making it one of the market’s top performers.

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The rally was caused by rumors that Loopring has partnered with GameStop on an upcoming NFT marketplace. As a result, investors and traders are taking advantage of this to get in early on the cryptocurrency. Per the rumors, GameStop (GME) is reportedly working on an NFT marketplace and will be powered by Loopring technology.

LRC/USD chart. Source: FXEMPIRE

LRC Could Reach the $5 Soon

LRC has surpassed the $3.5 pivot level earlier today and looks set to reach the $4 mark over the coming hours. This rally could allow it to aim for the first resistance level around $4.4. In the event of an extended rally by the cryptocurrency, LRC could surpass the $5 resistance point before the end of the day.

LRC’s rally has come despite the broader cryptocurrency currently retracting from its recent gains. Hence, it indicates that the LRC token could continue to surge higher in the coming hours and days as long as the frenzy around it doesn’t die down.