The crazy speculation experienced during parabolic crypto rallies could be creeping in again, as small-cap altcoins – led by Loom Network (LOOM) – recorded palpable gains in the past 24 hours. LOOM price experienced an upsurge of nearly 200 percent in the past 24 hours to trade about $0.0347 on April 5, during the mid-London session.
The small-cap altcoin, with a fully diluted valuation of about $45 million, recorded a 390 percent surge in daily average traded volume to hover about $64 million at the time of this writing.
Top Reasons Why LOOM Price Surged Today
LOOM price surged today mostly catalyzed by renewed speculation from investors, as shown by its volume to market cap ratio of about $139 percent.
The Loom network has also experienced increased adoption and usage, as more web3 developers tap into its infrastructure to build scalable and high-performance daps.
The LOOM price has also benefited from the broader market trends, catalyzed by positive crypto regulation in major jurisdictions led by the United States and Europe.
Crypto Takeaway
The crypto market has once again stood the rest of time, through changing global regulatory outlooks. As the wider global stock market was gripped with fear of short-term uncertainty caused by the trade war, the crypto market signaled a potential rebound.
Moreover, Bitcoin price has closed the past two days in green candles, coupled with a possible reversal pattern characterized by a double bottom in the four-hour timeframe and rising divergence of the Relative Strength Index (RSI).
The notable rally for LOOM price in the past 24 hours could be an indication that the crypto market is gradually filling the void left as investors flee the stock market en masse.
