Cryptocurrency Market Records Strong Gains

Major cryptocurrencies in the market have recorded significant gains in the course of the past 24 hours. The valuation of the market has gone above $440 billion, moving closer to the $0.5 trillion level. Major cryptocurrencies including Bitcoin, Ethereum, Cardano, Bitcoin Cash recorded large short-term gains.

The native cryptocurrency of the Ethereum blockchain network, Ether has seen its price rising by 7 percent this week, and has attracted a lot of investors. There have been significant gains as a result of this strong performance, as WanChain, Golem, and Ontology also recorded daily gains in the range of 10 percent to 50 percent.

Influenced by the listing of Bithumb, the price of Golem (GNT), the leading cryptocurrency exchange in the South Korean market rose over 50 percent, higher than the US dollar and 47 percent increase over bitcoin, which also saw a 3 percent increase.

Shortly following the listing of Golem by Binance, the world’s largest cryptocurrency exchange, the price of GNT rose by over 20 percent, as investors play a part in influencing the prices. It is expected that a similar Bithumb trend will occur and GNT will go through a correction soon.

Usually, the price trend and progress of Ethereum signifies the status of the token market, a token such a WanChain and Golem are centered on the Ethereum network’s ERC20 token standard. A strong performance by Ethereum results to strong gains of tokens and in the past couple of days, tokens have gone by this trend and recorded similar gains against both the US dollar and bitcoin.