The Ethereum (ETH)-based altcoin that has been flying under the radar is moving against largely bearish cryptocurrency price action this week after surging more than 110% in the past seven days.
Power Ledger (POWR) is a blockchain designed for decentralized and distributed energy markets.
The project's native token, POWR, is trading at approximately $0.737 at the time of writing, a massive rise from its weekly low of $0.35. The cryptocurrency asset, which ranks 171st by market capitalization, has also risen nearly 25% in the past 24 hours alone.
According to the official Powerledger website, the cryptocurrency project aims to help decentralize the energy grid, aid in the transition toward renewable energy and help consumers track their energy use.
POWR's gains were made amid this week's gains unveil From xGrid 2.0, the latest version of the blockchain-enabled energy trading platform Powerledger.
The project says the new trading platform has a “modern and simple” 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 who install and operate power systems on their customers' properties, according to the U.S. Department of Energy. The customer can receive low-cost energy while the developer can sell excess electricity from the system.
Despite POWR's gains this week, the token is still down more than 61% from its all-time high of $1.89, which it reached in January 2018, according to CoinGecko.
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