Blackrock Recognized Altcoin Gains Traction Amid Global Energy Crisis

After attracting interest from top asset manager Blackrock recently, a relatively less popular altcoin has been gaining traction. The altcoin, used in application development for the energy sector, gains prominence in the current circumstances given the energy shortage. In an announcement made last month, the asset manager said it was encouraged by blockchain projects focused on energy efficiency. Blackrock announced the launch of a Bitcoin private trust, making clear its intentions on the crypto ventures.

Blackrock Mentions Altcoin, Huge Spike In Interest Follows

In a passing reference to blockchain projects, the organization mentioned Energy Web token, which is used in the energy shortage projects. BlackRock is encouraged by programs to bring greater transparency to sustainable energy usage in Bitcoin mining, it said. At the time, BlackRock said it was encouraged that organizations like Energy Web are developing programs to bring greater transparency to sustainable energy usage. Blackrock would follow progress around transparency in energy use for Bitcoin mining, it explained.

The altcoin is aimed at bringing diversity to the energy sector by allowing developers to create decentralized applications (DApps). The token is used to pay for gas fees on the Energy Web network designed for use in the energy sector. Meanwhile, the mention of Energy Web token (EWT) catapulted an immediate price rise. Within 10 days from the announcement, EWT price nearly doubled to above $5 from trading around $2.60 earlier. As of writing, the token price stands at $3.95, down 2.86% in the last 24 hours, according to CoinMarketCap. Currently, the token is ranked at 172 on CoinMarketCap as per market valuation. Before gaining recognition from Blackrock, EWT was ranked at over 262.

Prominence Amid Energy Crisis

Meanwhile, the EWT project becomes all the more important in the sustainable blockchain space amid an ongoing energy crisis. A crypto enthusiast named Nick indicated that accumulating EWT could pay off with regards to the energy requirements. “There is an energy crisis happening globally & you aren’t stacking EWT? Crazy.”

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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