Blackrock Induced Spike For This Altcoin: What Does It Mean?

In its recent announcement on the launch of a Bitcoin private trust, Blackrock revealed its interest in few projects. The world’s largest asset manager, Blackrock said it was encouraged by blockchain projects focused on energy efficiency. It mentioned Energy Web, the company behind EWT token, which saw huge spike in the last few days. Surprisingly, the token was not very well known until Blackrock’s announcement.

Blackrock Behind EWT Token Price Rise

Blackrock said it was looking at projects which are tapping renewable energy related Bitcoin mining operations. Despite a market downturn, the company said it saw “huge interest in cryptocurrencies” from some of its institutional clients. The Blackrock Bitcoin trust would track the performance and expenses of Bitcoin operations while serving U.S. based clients.

BlackRock said it was encouraged that organizations like Energy Web are developing programs to bring greater transparency to sustainable energy usage. The company said it would follow progress around transparency in energy use for Bitcoin mining. More importantly, the mention of EWT token in the announcement brought huge interest in the altcoin. With a space of few hours, the token rose by as much as 40%, catapulting EWT from rank of 262 to under 200.

From trading at $2.67 on Thursday to surpassing $4, the token reached a high of $4.44 at one point in time. As of writing, EWT is trading at $4.01, up 2.13% in the last 24 hours, according to CoinMarketCap.

No Whales Holding EWT

In an interesting insight, no big whales accumulated the Energy Web token even after the Blackrock announcement. According to findings of Santiment, the largest holder of EWT holds the asset worth just above $2,00,000. The biggest holder is Gate.io exchange currently with EWT worth of around $0.2 million, it said.

“The Energy Web Token jumped 50% to a high of $4.17 after it was mentioned in a BlackRock press release. There are no millionaire EWT holders at all.”

The EWT token is used to pay for gas fees on the network, which was designed for use in the energy sector. The company, Energy Web is working towards solutions to certify leading bitcoin miners.