A wave of excitement has spread across the Japanese crypto traders as the news about Japan’s first ever native cryptocurrency MonaCoin broke out. Reportedly, MonaCoin’ price has spiked up more than eighty percent in just a day, grabbing much of the crypto market’s attention.
This recent development has been the second surge in the Japanese digital currency after last month’s forty percent leap. Crypto experts are assuming that the news of MonaCoin’s possible trading on CoinCheck exchange of Japan may have caused the price of MonaCoin to shoot.
Although CoinCheck is not considered as a major crypto exchange, if exchanges like Binance start taking notice of MonaCoin, then it may be more beneficial for the Japanese digital currency.
As the crypto market has started to recover; buyers are looking for cryptocurrencies that can deliver. Cryptocurrencies like Litecoin and MonaCoin are thought to be cheaper, hence, posing lesser risks. This attribute tends to attract the attention of buyers when the prices of these currencies begin to shift.
According to the latest stats, an increase of about thirteen percent (13%) was recorded for Litecoin; while an increase of only a little over one percent (1.5%) was recorded for Bitcoin.
This quick rise has placed it directly in the spotlight of the local investors and traders, further spreading its influence in the market.