Loom Network's Price Surged Nearly 1,000% since its September Lows

Loom Network (LOOM) is an Ethereum-based token that powers the network of delegated sidechains with proof-of-stake (PoS, some refer Loom to as “EOS on Ethereum”). The coin recently formed an inverted hammer pattern on the 4H chart. There are growing signs of entering the price consolidation phase, which, however, doesn’t promise to be prolonged.

Loom Network’s price has been in a strong upward trend over the past few weeks, making it the best-performing cryptocurrency on the market. On Sunday, the price rose to a high of $0.5032, some 971% above September’s lowest levels. Right now, on October 16 European afternoon, the coin is priced down to $0.3453. This price momentum brings the coin’s total market capitalization to almost $410.4 million.

There are two main reasons for Loom Network’s surge. First, the rise was triggered by its listing on a number of high-profile crypto exchanges. One of them has been Gate.io, a leading cryptocurrency exchange that handles over millions of cryptocurrency transactions every day. Also, the price of Loom Network’s leveraged token surged after it was listed on Binance and LBANK. Binance’s listing is a considerable event, because this crypto exchange is still the world’s largest player in the cryptocurrency industry.

Second, Loom Network proliferated as the ecosystem capacity increased. Data from CoinMarketCap shows that Loom’s trading volume rose to over $1 billion through the past weekend, with the majority occurring on Upbit, followed by Binance.