Positive price performance is not always good for an asset

by George Georgiev
7 ways to make with crypto

Positive price performance is not always good for an asset

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

According to Santiment, the address associated with BlackRock has recently gotten rid of their only holding, which is not a mainstream cryptocurrency but a relatively small Energy Web Token. 

What is Energy Web Token?

Energy Web Token is placed 189th in the top cryptocurrencies sorted by market capitalization, which is why it is considered a relatively small token, and also why most of the crypto community was surprised to see it only on the BlackRock wallet. 

The EWT token is the operational token of the Energy Web Blockchain, which is a virtual machine designed for the support and development of the energy sector. The project was launched back in June 2019 with the foundation behind the project. 

The project’s goal is to allow developers to build decentralized applications and solutions for the relatively alienated from the blockchain industry energy sector. The virtual machine is expected to bring numerous advantages to all areas of the industry, including grid operations, software development and energetics. 

What is happening to BlackRock’s holding?

Unfortunately for EWT investors, the wallet has recently dropped all of their holdings. The sale of $1 million worth of tokens was conducted after the price of the token surged to $3.6. Luckily, the rally continued as the price of the token reached a new high of $4.1 recently. 

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The decision to sell the token was most likely based on the speculative nature of the most recent rally on the token. The price performance of the asset mimics the performance of cryptocurrencies like Dogecoin, Shiba Inu and other highly speculative tokens and coins.

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