Under-the-Radar Ethereum-Based Altcoin Defies Crypto Doldrums and Surges 110% This Week Amid New Product Update

An Ethereum (ETH)-based altcoin that’s flying under the radar is moving against the largely bearish crypto price action this week after surging over 110% in the past seven days.

Power Ledger (POWR) is a blockchain that’s designed for decentralized and distributed energy markets.

The project’s native token, POWR, is trading at nearly $0.737 at time of writing, a massive rise from its weekly low of $0.35. The 171st-ranked crypto asset by market cap is also up nearly 25% in the past 24 hours alone.

According to Powerledger’s official website, the crypto project aims to aid the decentralization of the energy grid, help transition toward renewable energy and assist consumers in keeping track of their power usage.

POWR’s gains materialized amid this week’s unveiling of xGrid 2.0, the latest version of Powerledger’s blockchain-enabled energy trading platform.

The project says the new trading platform has a “modern and minimalistic” user interface (UI) and increased flexibility with demand and percentage-based secondary market power purchase agreements (PPA).

PPAs are typically used for renewable energy sources and consist of third-party developers installing and operating energy systems on their customers’ properties, according to the U.S. Department of Energy. The customer can receive low-cost energy while the developer gets to sell excess electricity from the system.

Despite POWR’s gains this week, the token remains more than 61% down from its all-time high of $1.89, which it hit all the way back in January 2018, according to CoinGecko.

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