2023-10-25 18:04 |
Mina Protocol price went vertical on Tuesday as other cryptocurrencies surged. The token more than doubled as it reached a high of $0.913, the highest level since March 24th. At its peak, the token soared by more than 165% from the lowest level this year, giving it a market cap of more than $780 million.
Mina is a blockchain platform that aims to become the next alternative to Polygon, Optimism, and Arbitrum. It is the world’s lightest blockchain that uses zero knowledge (zk) proofs to build dApps across all industries in Decentralised Finance (DeFi), non-fungible tokens (NFT) and mobile.
Mina price rallied primarily because of the ongoing crypto bull run. Bitcoin soared to $35,000 for the first time since May 2022. It has more than doubled this year as investors prepare for the approval of a spot Bitcoin ETF by the Securities and Exchange Commission. Such a move will lead to more inflows in the industry.
As a result, most cryptocurrencies continued surging on Tuesday. The total market cap of all digital currencies has surged to over $1.26 trillion. In addition to Mina, other top cryptocurrencies that surged were Conflux, Pepe, Injective, Rocket Pool, and Woo Network.
Mina Protocol price also soared after the token was listed by UpBit, a South Korean company. UpBit is one of the most active cryptocurrency exchange in the world. In the past, Upbit traders have pushed some cryptocurrencies higher.
Indeed, data shows that the volume of Mina traded in Upbit in the past 24 hours surged to over $1.1 billion. It was followed by exchanges like Binance, which handled over $225 million. Other Mina exchanges are Kraken and KuCoin.
Historically, crypto tokens tend to rally after being listed by some of the biggest exchanges like Huobi and Binance. At the same time, these gains tend to short-lived, meaning that the Mina token could retreat in the coming days.
The post Here’s why the Mina Protocol price just went parabolic appeared first on Invezz.
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