Japanese home-grown cryptocurrency Monacoin, tagged as being the country’s first digital currency, has rocketed more than 80% in just 24 hrs, gaining plenty of market attention.
With the equivalent of USD 140 million changing hands just on @bitbank_inc, Japanese crypto traders are enthusiastic, particularly as this recent activity marks a second major spike in the cryptocurrency after a 40% leap last month.
Analysts believe that the surge in price is connected to the news that Monacoin will soon be trading on Japan’s Coincheck exchange although it is still not listed on some of the world’s major exchanges. If exchanges such Binance begin to take an interest, then it is thought this will further leverage the currency.
Buyers are always looking for an opportunity to find an altcoin which can deliver, particularly as the market is beginning to show signs of recovery. Coins like Bitcoin Cash, Litecoin, Monacoin, and others have the perception of being cheaper and, therefore, less risky, hence attracting plenty of attention when they start to move. Litecoin recorded an increase of 13% on Friday whereas Bitcoin recorded only a 1.5% increase on the same day.
With a 24-trade pump such as this, it is only a question of time before more Japanese traders take notice, which could eventually lead to a more widespread trading opportunity for Monacoin across more exchanges, following in the recent footsteps of Litecoin as it eclipsed Bitcoin.
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