Following Bitcoin’s sudden drop of more than 15%, the majority of the crypto market have followed suit losing in double digits, as a result, the cumulative market capitalization of all cryptocurrencies has dropped below $200 billion.
0x (ZRX) in the Market Today
In the market dominated by the bears, 0x is not only recovering but is performing well. The downtrend that began three days ago saw 0x (ZRX) fall more than 25% (from $0.684 to as low as $0.5097 yesterday). However, ZRX found strong support at $0.500, and the token is heading back up.
As at the time of this writing, ZRX is trading at $0.560088, gaining 4.2% against the U.S. dollars and 4.72% against Bitcoin. The daily trade volume of ZRX is also at a week’s high – $14.16 million. Although 0x is not completely out of the danger zone, its current FIB levels are good, which means the gains could continue for some time.
0x now has a market capitalization of $306 million which makes it the 26th most valuable cryptocurrency. To go with the positive movement of 0x (ZRX) in the market, there has been some remarkable announcement relating to the project.
0x (ZRX) Moves Towards Community Governance
Decentralization is one of the major factors that have drawn individuals towards some cryptocurrency projects. More centralized projects are now looking to become more decentralized, adopting various means to reach the end goal. Community governance is one of the ways of becoming more decentralized, and the 0x is now looking to walk down the same path as TRON.
According to 0x, the crypto project that launched the ZRX tokens, the next step for the project community governance. 0x has announced that it is currently “Building a Self-Sustaining Ecosystem through governance”.
Not much information comes out of the project, but 0x has stated that Devcon team, the Ethereum Foundation would be playing a supporting role in building a self-sustaining ecosystem for 0x. 0x Foundation is yet to announce when, and how it would go about the process of community governance.
0x-Based OpenRelay Becomes More SEC Compliant
Following the action of the U.S. SEC against the creator of EtherDelta (ED), Zachary Coburn, organizations handling cryptocurrencies are beginning to fall in line, including OpenRelay, a cryptocurrency exchange based on 0x protocols.
Following SEC’s court action, Austin Roberts, the founder of OpenRelay has announced that his company would adhere to the regulations laid down by the Securities and Exchange Commission of the United States.
According to Roberts, the open-source protocols of OpenRelay will be making changes to its API (application programming interface) to make the exchange more compliant to the regulations of SEC.
Also, he stated that a ‘blacklist’ will be added to the exchange’s software to allow the company become more discretionary regarding the digital assets that can be traded on the platform, a step in the right direction of the 0x based cryptocurrency exchange.