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Cryptocurrency market valuation sees impressive increase over 24h period

The valuation of cryptocurrency market has seen quite an increase over the past 24 hours. From $387 billion, the valuation grew to $408 billion. The $21 billion rise is due to the rise of major cryptocurrencies like Ethereum, and Bitcoin, and also thanks to the rise of other, less-known currencies’ value, such as the Zcash (ZEC), Aelf (ELF), Kyber Network (KNC), and Enigma. Naturally, the major cryptocurrencies didn’t see any spectacular increase in value. Instead, they keep the tendency of growing by only 1 to 3%. Usually, the more spectacular increase in value comes in the case of new and relatively unknown currencies. Zcash, for example, increased by 55% over the last day or so.

This increase turned Zcash into the best performing cryptocurrency of the day. The increase comes just after the cryptocurrency was listed on Gemini, one of the largest cryptocurrency exchanges in the US. New cryptocurrencies often struggle before a cryptocurrency exchange lists them. This is due to the fact that some governments continue to restrict cryptocurrency exchanges from dealing with anonymous cryptocurrencies like Zcash. The reason for the restriction is that the virtual coins offer anonymity, so they can be easily used by criminals to launder money. The fact that a cryptocurrency exchange chooses to list a new coin, however, seems to be a confirmation for the general public that it is safe to invest in the new coins.

We might see the valuation of cryptocurrency market increase further. The major currencies continue their slow growth and new currencies appear often making a run for their money. More and more people choose to invest in the virtual coins as more and more companies start accepting them as means of payment. Bitcoin has recently seen a great period almost passing the $10k threshold once again. The currency will most likely continue its ascend and Ethereum seems to follow this trend too.

About Violet Little

I'm very curious when it comes to technology. I enjoy tinkering with entertainment and communication gadgets.

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