It sometimes gets really tough to analyze the crypto market and the price of currencies. There is no denying that bitcoin is still the biggest and the most popular crypto among the people. However, since the first bitcoin mining, numerous cryptocurrencies came into light and have caught hold of the blockchain and crypto industry. Cryptocurrencies have not only changed the world of investment and trading, but they have also spawned a financial system because of its growing popular appeal and merchant acceptance.
While many people are still learning the know-how of the crypto trading and think of it as an easy money-making scheme, little do they know the other side of the coin. Uncertain predictability and volatility of the crypto price are what makes a crypto investment a bit chancy. There are not one or two factors that affect their price but many; such as liquidity, arbitrage etc. Today, we are going to do the price analysis of most common crypto coins – ETN, ZIL and MATIC and what made their prices pumped last week.
Price Analysis of Electroneum (ETN)
Electroneum went on an epic price surge over the last week of trading. It is not the first time ETN has garnered such amazing growth in its price. There have been many such occasions where we have witnessed the rapid pace of this British-based cryptocurrency. It is considered that ETN’s price has surged to 177% since they have announced the ETN Everywhere website.
ETN is currently trading with a market cap of $9,46,34,352 USD where the trading volume is $39,61,515 USD. The current market rank of Electroneum is 70 and price is $0.008696. On 16th May, ETN price touched $0.01 mark after a long time. The CEO of ETN, Richard Ells will soon be revealing something special on ANON summit scheduled for 19 May 2020 and it would be exciting to watch what they are going to surprise us with.
Price Analysis of Zilliqa (ZIL)
From an ordinary cryptocurrency exchange to the first public blockchain to implement sharding on its mainnet, Zilliqa has come a long way. However, with the latest price index and surging by 17% over the last week, this one-of-its-kind blockchain network has proved that delivering high performance has always been it’s forte and this approach is going to be beneficial for long-term traders in future.
The token is currently trading with a market cap of $10,80,00,997 USD where the trading volume is $3,42,89,300 USD. The current market rank of Zilliqa is 58 and price is $0.010685. ZIL recently announced the partnership with Switched Network, where the blockchain will help SwitcheoNetwork to build First DEX and this is believed to be the major reason for Zilliqa’s steady growth last week.
Price Analysis of MATIC
Last week, another blockchain token, the Matic, witnessed a huge price pump. Matic saw a 22% growth in the price in the past two days which is absolutely rebounding. Binance is the most active market at present who is trading Matic. Whenever a crypto network announces a launch whether it is about a new wallet or a website, the demand for that crypto token rises sky high. This is exactly what happened to Matic.
Since the team has announced the Matic Mainnet launch, the excitements have sprung up and they are expecting high-performance blockchain with low-cost transactions. The layer 2 scaling crypto coin is currently trading at market capital of $0.020670 USD where trading volume is $4,06,96,949 USD. The market rank of Matic Network is 79 and price is $0.020706. It is believed that this to-be de-facto platform is going to witness a good market boom in future.
In this cut-throat age of market competition amongst different sectors, the blockchain and crypto industry is no exception. The never-ending race of becoming more valuable than others has created the rift among several exchanges which affects the marketing eventually. And as observed, the new launch and scheduled summits are major reasons why cryptocurrencies’ price goes up and comes down and vice versa.