The cryptocurrency market showed on Wednesday, July 18, a general increase that has led to different altcoins such as Stellar (XLM), Cardano (ADA), OmiseGO (OMG) or Zcash (ZEC), to carry out increases in their quotation ranging between 10% and 53% in the particular case of Bitcoin Diamond (BCD). The total cryptoactive market reached a value of more than 296 billion dollars according to CoinMarketCap. In fact, of the 100 cryptocurrencies with the highest capitalization, 55 rose by at least 5%.
To know the causes that are generating this behavior, we must mention two types of factors that come into play. The first are the global aspects of the ecosystem itself that include the good moment that the market is experiencing and the momentum that it has taken during the last bitcoin days. The second relates to each particular cryptoactive and the announcements that have been made during the last week and that have had a positive impact.
This is the case, for example, of Stellar's sixth most important currency. according to the market capitalization. This organization received on Tuesday a certification to use DLT technology in Islamic financial institutions. The trading volume during the last 24 hours for this cryptocurrency was more than 200 million dollars which led to a rise of 27%. However, at the time of writing the price shows a slight correction and presents a difference of 10% with respect to the previous day.
The enthusiasm of the market also touched the door of Cardano, who experienced a jump of 13% on Wednesday, although it already shows a slight correction. The increase, which has lasted for several days, could be due to the announcement of Coinbase in which he said he was studying the possibility of adding it to his platform as well as Zcash, Stellar itself, Basic Attention Token (BAT) and 0x (ZRX
In the case of OmiseGO, which rose 5%, the cause of its rise could be the announcement made this Wednesday by the executive director of McDonalds in Thailand, Hester Chew, who He said that his alliance with this platform has been implemented successfully. The behavior of this currency has been very irregular during the last day and currently presents a slight correction.
As you remember, the subsidiary of McDonalds in this country reached an agreement last September in which established the use of the payment service with cryptoactives provided by OmiseGO.
In the case of Dogecoin (DOGE), which experienced a jump of more than 23%, the reason for the increase would be related to the announcement made by this Monday trading platform Robinhood, which announced through its website that will offer support for this cryptocurrency.
Featured image for Myst / stock.adobe.com