The election of a pro-bitcoin as the new SEC chairman sparks a historic rally in the cryptocurrency market.
On Tuesday, the Reserve Rights (RSR) token, an ERC20 governance token, saw a staggering 156% surge, closing at $0.0258 after opening at $0.0100. This rally in Reserve Rights (RSR) came after President-elect Donald Trump announced that he had appointed Paul Atkins as the new chairman of the Securities and Exchange Commission (SEC). Atkins is a well-known cryptocurrency advocate and advisor in the field.
On Tuesday, the Reserve Rights (RSR) token, an ERC20 governance token, saw a staggering 156% surge / TradingView
A political change that impacts the crypto market
The election of Atkins, who will succeed Gary Gensler in January, created a stir in the crypto sector. Although a CoinDesk report indicates that Atkins did not accept the position, speculation surrounding his appointment prompted Reserve Rights (RSR) to register a massive bullish candle, accompanied by exceptional trading volume. On the Binance exchange, 33.84 billion RSR were traded in a single day, representing almost 40% of the token's total issuance.
This bullish move pushed the price of RSR above the 25-, 50-, and 200-period moving averages on the daily chart, indicating a strong buying trend.
RSR in CoinMarketCap Top 100
With this impressive performance, RSR ranked first in CoinMarketCap's Top 100 in terms of daily gains. However, its market cap, which stands at $1.32 billion, puts it at 99th on the list.
The maximum supply of RSR is 100 billion coins, of which 53.29 billion are currently in circulation. There is still 46.75% of the total issuance, equivalent to 46.75 billion RSR, which will be released gradually until 2045.
Impressive returns and a bullish market
The recent surge in RSR led investors to enjoy extraordinary returns of 819.08% over the past 12 months, with a remarkable increase of 427.08% over the past three months. This growth comes against a backdrop of a general rally in alternative cryptocurrencies, which have begun to experience a positive season following the fall in Bitcoin's dominance, which now stands at 54.95%.
What is Reserve Rights (RSR)?
RSR is an ERC-20 token that serves two main functions within the Reserve protocol: overcollateralization of Reserve stablecoins (RTokens) through staking and governance of these stablecoins through proposals and voting on changes to their configuration. RSR holders can participate in governance and, in doing so, contribute to the stability of the stablecoin ecosystem.
Disclaimer: This article does not constitute financial advice. Investing in cryptocurrencies involves risks and thorough research is recommended before making investment decisions.
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