A passing reference to the EWT token in an important announcement from Blackrock created quite some interest in the cryptocurrency. On Thursday, Blackrock, the world’s largest asset manager, announced a key decision in favor of Bitcoin adoption. But the reference to projects that are exploring renewable energy related Bitcoin mining operations attracted investor interest. The token is however, not a popular one, with a ranking of 263 based on market cap as per CoinMarketCap.
What Is EWT Token?
Energy Web Tokens (EWT) are the native utility token of the Energy Web Chain. The tokens are used in the energy web network to pay for gas fees. The Energy Web Chain was purposefully designed for the energy sector. A tech solution developed by the developers allows users to control and manage their electrical systems online. Blackrock mentioned Energy Web, referring to its programs to bring greater transparency to sustainable energy usage in bitcoin mining.
“BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy usage in bitcoin mining, and will follow progress around those initiatives.”
This led to an immediate spike in its price, resulting in speculation of further rise. From trading at around $2.66 earlier in the day, the EWT token is on a steady price rise trend. As of writing, the token stands at $3.75, up by a staggering 40.04% in the last few hours, according to CoinMarketCap.
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