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Tachyon Protocol's IPX increased 65% amid market crash and Corona virus, why?

When you invest $ 1 in the Tachyon Protocol's IPX token in early March you will receive $ 1.65 back at this time.

IPX was launched on HitBTC on February 25, 2020, the day the crypto market lost about $ 12 billion in the day. It, of course, had to pay the price due to the oversold sentiment, eventually losing 12.56% of its value after closing in February.

tachyon protocol IPX 2

IPX enters positive territory although the top coins are declining | Source: CoinMarketCap

However, IPX bounced back when it started in March, rising from $ 0.054 to as high as $ 0.090 at the time of this writing. On the other hand, the overall crypto market capitalization has dropped by more than $ 86.35 billion in the same time frame, with bitcoin's loss being 50%.

Moves against the trend have helped IPX become one of the most profitable cryptocurrencies, beating even the top US stock index markets that fell to a record low amid COVID-19 epidemic escalates.

IPX / USD has increased by about 65% on the monthly time frame. The push helped the pair into the top 150 of CoinMarketCap. IPX is currently the 107th largest cryptocurrency by market capitalization.

Source: Coinmarketcap

The catalyst

IPX's overall profit follows a series of positive news, starting with listing on HitBTC and Bithumb, two of the world's leading cryptocurrency exchanges. The price hikes also stem from the launch of Tachyon Protocol's first decentralized product: a virtual private network (VPN) application.

Dubbed Tachyon VPN, the application uses Tachyon's blockchain technology to make the internet safer and more private. It serves as one of the first demonstrations to test and improve the TCP / IP protocol: Eliminate central servers with point-to-point protocols (direct data layer link protocols between two router).

So instead of relying on low-risk VPN services because Google tunnels are not secure, users can choose to use Tachyon, choose distributed nodes to provide services to each other. Meanwhile, IPX becomes a valid reward token in the whole process, bringing the underlying valuation to itself.

Traders may have considered IPX to be a bullish asset based on its participation in a growth-based business model. That partly explains why the cryptocurrency beats its rivals even against the bleak market outlook caused by the COVID-19 epidemic.

IPX technical prospect

Tachyon's IPX is a very new asset, meaning it lacks the full historical reference that can predict price patterns in the short term. Currently, cryptocurrencies are low in volume and uneven because it gained legality before there were potential adopters. However, there is a hit-and-miss model that can work in favor of high-risk traders.

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Identical pump & dump models of IPX | Source: TradingView

As shown in the chart above, IPX / USD, in four cases, have seen similar pump & dump models. But it seems the trend is still up. Therefore, the pair may try to dump a fourth time after a period of consolidation, then move upwards.

You can see the IPX price here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


According to Newsbtc

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