The Bitpanda exchange service is scheduled to add the 0x token (ZRX) to its growing portfolio, in a move to include more ERC-20 digital assets with a promising profile. The token is linked to a distributed app and a protocol for creating decentralized exchanges.
The 0x protocol has been tested as a solution by businesses, although the utility of the ZRX token is uncertain. Almost a year after the 0x ICO ended, the project is in its infancy. Based on data from DappRadar, the 0x dapp has usually less than 200 users in 24 hours.
The 0x protocol, however, is used by the Radar Relay exchange, a marketplace with a volume of $1.5 million in 24 hours, and listing 58 altcoins. At the moment, decentralized exchanges are small in comparison to leading marketplaces such as Binance, but their activity has been key to achieve price discovery for new projects. The 0x protocol is seen as one of the major developments in decentralized exchanges, along with IDEX, EtherDelta, and Bancor.
The ZRX digital asset has been volatile, but in the past day the drop accelerated with the rest of altcoins. The price dropped precipitously both in dollar terms and against Bitcoin (BTC). The slide started in the early afternoon this Monday, around 15:00 UTC, and deepened, to take the token from around $0.87 and down to $0.68.
ZRX lost more than 21% of its value in the past 24 hours, with most of the trades against BTC. ZRX is concentrated on Binance, and OKEx has significant prevalence. This opens up trading to bot activity and speculation on a single exchange.
The listing of ZRX arrives at a time when the altcoin market is remarkably weak, and interest in crypto coins has been lowered. However, the possibility for a small-scale portfolio and relatively affordable investments are one of the positive points for using BitPanda. With assets that are liquid enough, the service offers a suitable price for moving into fiat.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.