The cryptocurrency market showed a positive behavior this week. On Tuesday, the value of the market started rising and the global capitalization rose by more than 30 billion dollars in the last seven days, going over 460 billion dollars.
It is worth mentioning that bitcoin surpassed the value of 11,000 dollars, reaching 11,400 dollars at one point, but it suffered a light correction afterwards and its price is currently at around 11,200 dollars per coin. Moreover, it is important to point out that the credit for the rise of the global market capitalization goes to bitcoin. The market capitalization of the most popular cryptocurrency in the world went from 161.9 billion to 192 billion dollars in the last seven days. This way, it is easy to see bitcoin was the principal reason for the increase of the global market capitalization.
The domination of bitcoin on the market surpassed 40% thanks to the recent rise of its price and market capitalization The last time bitcoin was over 40% was at the end of December last year, when its price started going down.
Other cryptocurrencies also increased their value. Ethos and Cryptonex are the ones with the highest increase, followed by Monero, a cryptocurrency whose focus is on the privacy, on the position number ten, according to CoinMarketCap.
Monero is one of the most popular cryptocurrencies in the blockchain ecosystem. Its focus is on the privacy of the transactions and that is why the movements in its chain of blocks are not accessible to the public via web browsers, such as with the Bitcoin network and many other cryptocurrencies.
In the last week, the value of Monero increased by 32%, going from 278 dollars per coin to 354 dollars, with the maximum value being 373 dollars. Likewise, its market capitalization went from 4.3 billion to 5.7 billion dollars.
One of the reasons for this increase is that Bitbns, a cryptocurrency exchange from India, included Monero, along with Litecoin in its offer. Moreover, Ledger, a manufacturer of hardware wallets, announced it was progressing well with the integration of Monero in its platform.
Golem, also known as the global supercomputer according to its slogan, is a token based on Ethereum that allows its users and applications to rent out their computer resources and get paid in Golem Network Token (GNT), which is the official currency of the project.
In the last week Golem’s price increased by 37%. The price of the token went up from 31 to 42 dollars cents and its market capitalization increased by almost 100 million dollars, going from 264.5 to 361.1 million dollars.
The most likely cause for this increase of the price of Golem is the launch of an update of its network on March 1st, when the version number 0.12.0 was released and brought improvements of the protocol and optimization of the interface to improve the user experience. On the day of the launch, the price of Golem reached 45 dollar cents and the market capitalization was 381.8 million dollars.
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