Cryptocurrencies have been mixed, with Bitcoin trading above $US50,000 for the first time since Friday before falling just under that level.
Meanwhile, a controversial Aussie token — aiming to be used for peer-to-peer energy trading — briefly pumped by over 80 per cent. Power Ledger (POWR) spiked from US27.8c to US47.0c in the space of a few minutes around 8.30pm yesterday, after it announced the token would be used on a live solar energy trading project in Delhi, India.
— Crypto Kitty (@cryptoguy1) March 3, 2021
The price of the tokens had eased back down to US31.4c by 2.30pm today.
Co-founded by former Perth deputy lord major Dr Jemma Green, Power Ledger was perhaps the most-hyped Australia crypto project during the 2017 boom, raising $34 million in its “initial coin offering”. Sold for US8.8c each in August 2017, its tokens briefly traded for as high as $US1.84 in January 2018.
But they had fallen back down to US8c a year later, and the company had to close its two-person Melbourne office because the energy trading market was proving harder to crack than Power Ledger had foreseen.
Dr Green also sued the Australian Financial Review for defamation over claims that Power Ledger had paid “spruikers” to boost the company.
Fans say the market is simply finally waking up to the potential of the blockchain platform, which on Thursday afternoon was ranked as the 177th-most valuable coin on Coinmarketcap, with a valuation of $US133.7 million ($171.8 million).
IMO: When everyone realises what $POWR is used for and how the crypto world will need it to be the fuel for a green $BTC and retail start to press institutions for it, we should see a 10Bi MKCap till EOY2021… thats a 100x just to begin with… BOM! 🚀🚀
— CryptoOnTheRocks (@luiz_poggetto) March 2, 2021
State of the crypto-sphere
Meanwhile, Bitcoin traded for as much as $US52,417 a minute before midnight last night and remained above $US50,000 (~$64,000) most of today before fading to just under it around 2.45pm AEDT.
Ethereum was up 1.1 per cent to $US1,560 ($2,000).
Of the top 100 coins on Coingecko, 48 had gained ground in the 24 hours to 3pm, and 50 had lost it. (Two were flat).
Enjin Coin continued to pump following yesterday’s gains. It was up 27.0 per cent to $US1.16 at 3.30pm AEDT, and around nine hours earlier had reached an all-time high of $US1.32. Enjin Coins were trading at around US13c at the start of the year.
Five other top 100 coins had hit all-time highs in the past 24 hours, according to Coingecko: Arweave, Flow, Huobi BTC, Theta Network and THORChain.