This cryptocurrency grew its market cap over 200% in 2 months

During a favorable phase for most cryptocurrencies, 0x (ZRX) emerged as one of the standout performers, albeit less conspicuously. Amidst its bullish trend, both its market capitalization and value saw a significant multiplication.

In recent months, 0x’s market capitalization experienced remarkable growth, soaring by +238% in two months and, notably, almost doubling (+89%) in a mere two-day span. This surge in value coincided with a significant uptick in large-scale ZRX transactions, reaching a peak not seen in 1.5 years. 

Additionally, older coins, which had been dormant, re-entered circulation. This activity was highlighted by Santiment, a blockchain and cryptocurrency behavior analysis platform, in a post on November 12.

ZRX value and market cap increase.  Source: Santiment
ZRX value and market cap increase. Source: Santiment

This multiple-fold increase over the two-month period has brought the market cap of 0x to $479.97 million. 

There have been 23 transactions exceeding a value of $100,000 in a single day since April 22, 2022. Notably, the average age of 0x investments is dropping, indicating that older wallets are moving and more coins can circulate.

This trend looks set to continue in the near future, which will further increase the liquidity of this crypto asset and allow for more new investors to step in.

ZRX price analysis

At the time of press, 0x was trading at $0.58, representing a 9.83% positive increase in the 24-hour period, which has followed a remarkable 123.92% increase over the 7-day period, coupled with a skyrocket in value of 176.67% in the previous 30-day span.

ZRX 24-hour price chart.  Source: Finbold
ZRX 24-hour price chart. Source: Finbold

This value increase comes from solid indicators in the same period, where it has outperformed 91% of the top 100 crypto assets in a year. Also, 0x has had 21 green days in the previous 30 days and is trading above the 200-day moving average simultaneously.

However, it is still -79% down in value from its all-time high, and indicators suggest that it is overbought and may soon experience a decrease in value.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.