The XDC Network price is surging as demand for the tokens rises. The coin is trading at $0.093, which is a 25% gain in a 24-hour period. This price is also about 42% above the lowest level this month. This rally has brought its total market capitalization to more than $1.1 billion.
XDC stands for Xinfin Digital Contract. It is the native token for the Xinfin blockchain network. This is a hybrid network that combines the power of public and private networks. In other words, companies can access the public layer of the network to build highly-scalable private networks.
It is a proof-of-stake network that is significant energy-efficient and quicker than most of the current platforms. For example, it can process about 2,000 transactions per second, which is significantly faster than that of Bitcoin and Ethereum. Still, there are other networks that are significantly faster like Kadena and Near Protocol.
The XDC Network is also cheaper, with an average transaction costing about $0.00001. A transaction is confirmed within less than 2 seconds.
The daily chart shows that the XDC price jumped to an all-time high of $0.20 in August this year. Since then, it has declined by more than 50%. Along the way, the coin has formed a descending channel that is shown in black.
Today’s rebound has seen the price rise to the upper side of the channel. It has also moved slightly above the 25-day moving average while the Relative Strength Index (RSI) has risen to about 62.
Therefore, the XDC Network will likely keep rising in the coming days as bulls target the key resistance at $0.15. The alternative scenario is where it retreats and retests the lower side of the channel at about $0.06.
This post was last modified on %s = human-readable time difference 04:33