Bitpanda which is a trading service exchange is planning on adding Ox coin (ZRX) on to its network. It aims at having more promising ERC-20 digital tokens included on its portfolio. ZRX is integrated to a distributed application as well as a system for developing exchanges that are decentralized.
Even though the utilization of ZRX coin is not determined, Ox protocol has been used by businesses as a solution. Although the ICO of Ox was completed a year ago, the project is yet to pick. Ox dapp attracts less than 200 users in a day, according to DappRadar’s data.
Used by another exchange
Nevertheless, Ox protocol is being used by the crypto exchange Radar Relay. The latter is a marketplace which has so far listed 58 Altcoins and has a daily volume of $1.5 million. Decentralized exchanges are evidentially smaller than the main marketplaces like Binance. However, their activities have proved instrumental in achieving price discovery of newly launched projects. As a result, Ox protocol has been a main development in the said exchanges, together with Bancor, IDEX, and EtherDelta.
Meanwhile, the ZRX digital token has been unstable lately but the drop has since increased like the other altcoins. Its price has dropped sharply against Bitcoin (BTC) as well as the against the dollar.
The token has lost over 21% of its worth in the last one day with main trades being against the BTC. Although ZRX is focused on Binance, OKEx is mostly preferred, leading to the speculation over one exchange.
Coincides with a weakening market
ZRX listing coincides with a frail altcoin market as well as a decreasing interest in the digital coins. The market capitalization of the digital currency has dropped to the lowest point since November 16, last year. Going by data from Coinmarketcap, the virtual currency market had dropped by 11.6% in 24 hours on August 9, 2018, thereby hitting a daily low of $219.2 billion.
The sharp drop followed the announcement by the U.S Securities and Exchange Commission postponing the date of deciding whether to allow a Bitcoin exchange-traded fund. Consequently, BTC fell from $7,144 to $6,357 in two weeks.
As of August 13, Ethereum (ETH) was had dropped to a multi-month low of less than $300. It was trading at $288, a 9.77% loss, marking its lowest price in the last nine months.