As a seasoned analyst with years of experience in the cryptocurrency market, I find myself intrigued by the meteoric rise of Reserve Rights (RSR) over the past 24 hours. The 136% surge, leading the top 100 cryptocurrencies by market cap, is not a sight unseen in this volatile market, but the context surrounding this spike is quite unique.
In the last 24 hours, the Reserve Rights token (RSR) has skyrocketed by 136%, placing it at the forefront of the top 100 cryptocurrencies by market capitalization. Its price currently stands at $0.02518, marking a high not seen since the beginning of 2022.
Based on information from crypto.news, the value of Reserve Rights (RSR) significantly increased on December 3, reaching a peak of $0.02518. This ERC-20 token, which serves as an overcollateralization asset for Reserve stablecoins, or RTokens, and is used for governance purposes, had earlier in the day dipped to a low of $0.00933.
The gains came as RSR trading volume rose over 3,100% in 24 hours to over $1.26 billion, and its market cap jumped to over $1.17 billion with a 130% increase. Reserve Protocol launched the RSR token in May 2019 with a highly successful initial exchange offering.
Why did RSR price spike today?
In the last seven days, the value of RSR tokens has climbed by over 177%, and in the past month, it’s risen more than 300%. This surge occurred during a general market increase since early November, but the significant gain is particularly being cheered on by RSR holders due to recent updates concerning the U.S. Securities and Exchange Commission.
Reports surfaced on December 3rd that the newly elected President, Donald Trump, contacted former Securities and Exchange Commission commissioner, Paul Atkins.
It’s been reported that Trump plans to appoint Atkins as the new Chair of the SEC, succeeding Gary Gensler. However, no formal declaration has been made yet. Nonetheless, the financial markets have shown a significant response to these rumors.
If you check CoinMarketCap and find that the price of $RSR is significantly increasing, it could be due to the fact that the newly appointed SEC chairman, Paul Atkins, serves as an advisor to @reserveprotocol. This piece of news is quite exciting!
— TENET (@TENET1st) December 3, 2024
The RSR token reached its all-time high of $0.1189 in April 2021.
According to DeFi Llama, the total value locked within the Reserve Protocol increased significantly, rising from approximately $14 million in November 2023 to more than $276 million.
Read More
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- AI16Z PREDICTION. AI16Z cryptocurrency
- POL PREDICTION. POL cryptocurrency
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- ‘Kraven the Hunter & ‘Madame Web’ Box Office Disaster Blamed on Media Scrutiny
- Blockaid new dashboard to track Web3 activity and threats
- Shiba Inu, Bonk, Pepe prices rebound: Beware of dead cat bounce
- Crypto x AI makes up just 1% of crypto market cap, says analyst
2024-12-03 22:50