After attracting interest from top asset manager Blackrock recently, a relatively less popular altcoin has been gaining traction. The altcoin, used in application development for the energy sector, gains prominence in the current circumstances given the energy shortage. In an announcement made last month, the asset manager said it was encouraged by blockchain projects focused on energy efficiency. Blackrock announced the launch of a Bitcoin private trust, making clear its intentions on the crypto ventures.
Blackrock Mentions Altcoin, Huge Spike In Interest Follows
In a passing reference to blockchain projects, the organization mentioned Energy Web token, which is used in the energy shortage projects. BlackRock is encouraged by programs to bring greater transparency to sustainable energy usage in Bitcoin mining, it said. At the time, BlackRock said it was encouraged that organizations like Energy Web are developing programs to bring greater transparency to sustainable energy usage. Blackrock would follow progress around transparency in energy use for Bitcoin mining, it explained.
The altcoin is aimed at bringing diversity to the energy sector by allowing developers to create decentralized applications (DApps). The token is used to pay for gas fees on the Energy Web network designed for use in the energy sector. Meanwhile, the mention of Energy Web token (EWT) catapulted an immediate price rise. Within 10 days from the announcement, EWT price nearly doubled to above $5 from trading around $2.60 earlier. As of writing, the token price stands at $3.95, down 2.86% in the last 24 hours, according to CoinMarketCap. Currently, the token is ranked at 172 on CoinMarketCap as per market valuation. Before gaining recognition from Blackrock, EWT was ranked at over 262.
Prominence Amid Energy Crisis
Meanwhile, the EWT project becomes all the more important in the sustainable blockchain space amid an ongoing energy crisis. A crypto enthusiast named Nick indicated that accumulating EWT could pay off with regards to the energy requirements. “There is an energy crisis happening globally & you aren’t stacking EWT? Crazy.”
The post Blackrock Recognized Altcoin Gains Traction Amid Global Energy Crisis appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks