Why Loopring's Cryptocurrency Is Plummeting Today
The price of Loopring (CRYPTO: LRC) is rapidly falling in Monday's trading. The token was down roughly 9.7% over the previous 24 hours as of 4:15 p.m ET amid sell-off pressures for the broader cryptocurrency market. Meanwhile, Bitcoin and Ethereum were down roughly 2.1% and 3.9%, respectively.
With a market capitalization of roughly $1.6 billion, Loopring ranks as the 71st largest token by market cap and is a fairly small cryptocurrency compared to top players in the space. As such, it's not unusual to see the token post dramatic losses on days when the crypto market is down, but it looks like investors are also giving up on one of the token's recently hyped positive pricing catalysts.
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Source Fool.com