While most members of the trading community expected significant moves from Bitcoin after the halving event, it seems to have triggered a market shift that bears some similarity with the altseason. With Bitcoin losing its dominance and stagnating price-wise, alternative cryptocurrencies like iExec (RLC) saw the opportunity to have a significant price boost and even try to free themselves from the shackles of the perpetual downtrend.
The cloud computing token that can’t break free
RLC represents a blockchain-enabled cloud computing marketplace where parties can monetize unused computing capacities, develop and sell decentralized applications together with datasets. The team developed a proprietary consensus protocol called Proof-of-Contribution (PoCo) that allows for the seamless incorporation of decentralized oracles.
The coin emerged on the exchanges in May 2017 and went through all phases of the crypto boom and the subsequent bear market, during which time it drove to the all-time high at $5.4 and then slid down to the deepest bottom at $0,14. Right now, RLC is priced at $0,64, having enjoyed a significant 30% price increase over the past week.
All-time RLC price chart