Unlike Bitcoin (BTC), which is struggling to break back above $ 60,000, An unknown cryptocurrency surprised the market on Tuesday (30) with an impressive valuation of over 6,000%.
According to CoinMarketCap data, this revaluation will involve the DREP (DREP) It briefly hit the top 20 in the market shortly after hitting a price of $ 2.52 for the DREP / USD pair.
DREP price in the market (Source: CoinMarketCap)
In fact, the graph shows that DREP is up nearly 10,000% today and is trading at $ 3.19 on some exchanges. Yet, At Binance, the DREP / USDT pair is trading the cryptocurrency at $ 0.026.
The cryptocurrency increases by 6,000%
Unexpectedly, DREP joined the select group of the top 20 cryptocurrencies by market cap today after rising more than 6,000% in the market.
That is, with this rating, DREP presented the 16th highest capitalization volume among the largest cryptocurrencies. surpasses names like Filecoin (FIL), Terra (LUNA), and Dogecoin (DOGE) as shown in the following print.
DREP took 16th place in the ranking (Source: CoinmarketCap)
DREP rose nearly 6,000% and was trading at $ 2.52 at the time of entry into the CoinMarketCap Top 20. Yet, Price differences in the cryptocurrency caused it to drop to 201st place in the ranking.
As much as DREP has seen a great appreciation in the market, the cryptocurrency has enormous price volatility, which is different on some exchanges such as Binance.
As the trading volume of DREP for that day shows, the cryptocurrency is valued differently on different exchanges. For example, on Gate.io, the altcoin is currently trading at $ 3.20.
On the other hand, It’s worth roughly $ 0.026 on Binance DREP, a price much lower than what is practiced on Gate.io. Given the $ 3.20 price tag, it’s like the DREP has seen about a 10,000% revaluation.
DREP price difference (Source: CoinMarketCap)
DREP has reached CoinMarketCap’s top 20
Shortly after reaching the CoinMarketCap Top 20 on Tuesday (30), DREP has been downgraded more than 180 positions despite the fact that the price of the cryptocurrency in the market continues to rise.
According to Binance, DREP is a project that enables the connection between decentralized applications (DApps). What’s more DREP uses smart contracts and is not just based on the consensus mechanism of Byzantine fault tolerance confirming the transactions of the cryptocurrency which has soared 6,000% in the market.
“DREP aims to build connectors and toolkits based on blockchain technology and provide solutions that are flexible and convenient for developers and general users. Developers can easily integrate different public network versions of dApps, integrated wallets and asset trading platforms with the DREP chain. “