The cryptocurrency market is experiencing a bullish trend presently with 93% of the top 100 cryptocurrencies in terms of market capitalization green excluding USDT, True USD, GUSD, Qash, PAY, EURS and DAI in red as at the time of writing from the information in cryptocurrency monitoring site Coinmarketcap. Irrespective of this, Monacoin(Mona) is the best performer among the top 100 coins in the last 24 hours with a market surge of over 80%.
The factors that possibly led to this are:
1) The majority market trend: it has been noted that most times other cryptocurrencies react to the general market trend. Since about 93% of the top 100 coins including Bitcoin are bullish, the coin is gaining.
2) Increased trading volume: in the past four days, the trading volume of Monacoin hiked from 322,249 on Dec 15 to 3,121,294 on Dec 18. This is about 868.9% increase in volume. It could be observed that expansion in trading volume indicates the high demand for the coin, which will affect its price value.
3) Increase in Asian traders: the number of Asian traders has increased especially in Japan where the number of users for Monacoin, which is the first native token for Japanese is on the rise. This is necessitated by the recent update of the initial coin offerings regulations in Japan.
4) Clamour for quick profit: many cryptocurrency investors and traders are now buying the coin since it shows that it is highly profitable presently. This has helped to drive its price higher as its holders are storing it.
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