In the past 24 hours, LOOM Network, a low-market cap altcoin, has experienced a significant price surge. The price of LOOM token reached around $0.0347 on April 5th in the midst of the London market, marking an approximate 200% increase in just one day. The token, with a diluted market value of about $45 million, managed to increase its daily trading volume by over 450% compared to the previous day, reaching approximately $69 million. This sudden growth has attracted the attention of traders and market analysts to this token. The main reason for this price spike has been renewed speculation among investors, evident in the trading volume to market value ratio of LOOM, which has reached about 139%. Additionally, the widespread use of Loom Network’s infrastructure by Web3 developers to build scalable, high-performance applications has contributed to the increased demand for this token. Furthermore, the price of LOOM has benefited from the overall trend in the cryptocurrency market, strengthened by positive regulations in key areas such as the United States and Europe. The positive environment governing cryptocurrency regulations in these countries has increased investors’ trust. Meanwhile, despite pressures and uncertainties in the global stock market, the cryptocurrency market has managed to maintain its relative stability. Bitcoin has also closed with green candles in the past two days, showing signs of a double bottom pattern and bullish divergence in the Relative Strength Index (RSI) on the 4-hour timeframe, indicating the start of a new upward trend. Ultimately, the recent price growth of LOOM may indicate the beginning of a new wave of investment in cryptocurrencies and capital outflow from the stock market.
