Cryptocurrency at similar market values altcoins Considering that, one of the most sudden, fastest and greatest rises in history took place. released in 2018 Zilliqa (ZIL) It gained more than 100% within hours and surpassed almost all resistance in front of it, according to data from CoinMarketCap.
According to market data, the altcoin, which climbed up to $ 0.12, spent the entire month of March at $ 0.49. However, the price of the altcoin broke its all-time high price record with $0.25 on May 6, 2021.
What is the Reason for the Rise in Zilliqa (ZIL) Altcoin?
Experts attribute the recent rise to both speculative reasons and fundamental factors of the altcoin.
When the official Twitter account of the crypto currency is examined, we see that there has been no major update that could cause a price increase. The only event ahead of Zilliqa that could cause this kind of price action might be the Metaverse project called Metapolis. This Metaverse project will use the Zilliqa Blockchain.
Yes, the rumors are true. Zilliqa will be hitting up #Miami to host an exclusive, early-access event for Metapolis!! 🪩
Watch https://t.co/qrrcJtb7Dh later this week to find out how you can be a part of it. 👀 pic.twitter.com/p9i3sDvmK9
— Zilliqa (@zilliqa) March 23, 2022
The project that joins the metaverse trend may thus be trying to attract the attention of large institutional and private investors. Metaverse still represents one of the most in-demand concepts in the digital assets market.
Although the basic factors of altcoins usually provide the biggest support in their rise, speculation and some illegal trading schemes in the crypto money market can be the reasons behind the big rises.
Looking at technical indicators such as the EMA, it is observed that ZIL has been in a continuous downtrend without showing any signs of recovery in recent months.
*Not investment advice.