Seattle-based RChain Sees Large Capital Flows into RHOC Cryptocurrency
RChain’s native RHOC token surged on Sunday, with the coin adding hundreds of millions of dollars to its market cap in less than 24 hours. The vast majority of the buying frenzy took place on Hong Kong’s Kucoin exchange, which processed nearly 85% of the daily transactions.
RHOC Price Levels
RHOC coin saw huge gains over the weekend, as prices continued to recover from a mid-month selloff that dragged down most major crypto assets. At the time of writing, the coin was up more than 21% to $2.38, according to CoinMarketCap. Since Friday, RHOC has gained more than 32%, outpacing the broader cryptocurrency market by a wide margin.
At current price levels, RHOC is capitalized at $819 million, placing it 42nd among active cryptocurrencies. More than $1.6 million worth of RHOC coins were changed hands over the last 24 hours.
The coin rose nearly 20% against bitcoin to 0.00020522 BTC. Relative to Ethereum, RHOC added 9% to 0.00193499 ETH.
The bulk of RChain tokens are bought and sold on Hong Kong’s Kucoin exchange. However, the coin can also be accessed on ChaoEX, EtherDelta and Token Store.
An Introduction to the RChain Cooperative
As the brainchild of mathematician Greg Meredith, RChain seeks to provide “industrial-scale utility” to the blockchain market. In order to do so, the project says it must “provide content delivery at the scale of Facebook and support transactions at the speed of Visa.”
The platform, once built, will be able to handle 100,000 transactions per second, much higher than even Visa. If RChain accomplishes this task, it could radically transform the blockchain industry.
These bold claims certainly resonated with investors, who contributed $5 million to the project in a single day. The ICO hit its hard cap total of $15 million in less than two weeks. While the amount was far less ambitious than other crowdsales, RChain was only interested in large-scale investors who could contribute a minimum of $50,000.
However, even with a successful ICO raise, achieving such a massive throughput will have serious obstacles. Scalability continues to be one of the major issues dogging the blockchain community, which has raised skepticism about whether RChain can follow through on its highly ambitious goals.
The project has announced it will launch its first software, called Mercury, by the end of 2018. The Mercury product will allow current RHOC holders to access the platform.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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