The price of eCash has soared by around 60% in the past 24 hours and continues to do so so far. The cryptocurrency market is extremely bullish, with many cryptocurrencies outperforming their value. So why is eCash trending? Let's discuss it in this blog.
eCash price analysis
eCash is a cryptocurrency with its native token XEC. It is used as electronic cash only when transacting goods and services. This is a rebranded version of Bitcoin Cash ABC, a fork of Bitcoin and Bitcoin Cash.
XEC is currently trading at $0.00007757. It's up 60% from yesterday. It is ranked 71st on Coinmarketcap and has a market capitalization of $1,528,232,794 after a 60% increase. Rather than the price of XEC, the major progress is seen in the trading volume of $1,403,008,513 after an impressive 1521% increase.
The price of eCash (XEC) started to fall sharply after February 29th, at which time it was worth $0.0000358 with a trading volume of $36.14. Comparing this week's data, the stock soared more than 122% to its highest level in 22 months. eCash price reached an all-time high of $0.0005926 on November 10, 2021. In comparison, the current value has fallen by 87.25%.
Top reasons why eCash is trending
The fear and greed index states that the crypto market is in a very greedy zone. Many cryptocurrencies are performing well. Bitcoin price is also an important factor in the virtual currency market. This week has been a good opportunity for investors, with many altcoins showing strong performance, including eCash, Pepe Coin, and BONK.
The demand for eCash is mainly increasing due to its focus on scalability and speed. eCash addresses the growing demand for accessible and efficient digital payment solutions.
One of the key reasons behind this currency hike is the effort to rebrand and position itself as an electronic money system. The cryptocurrency community is impressed by the unique use case of this cryptocurrency, which focuses solely on transactions.
Old eCash posts from X are back in the trend of comparing their transactions to other top blockchains. This post highlights the cost of transferring $100,000 through various funding sources. Visa/Mastercard deducts $100-300 in transaction fees, wire transfers deduct $150-500, and Ethereum charges $1-20. eCash has the lowest transaction fees of these. A $100,000 translation costs just $0.000165.
conclusion
eCash has been stuck at below-average prices for almost two years, but a recent 60% price increase has finally broken it out. It is currently trading at $0.00007757 with a trading volume of $1,403,008,513. If the market remains bullish, there's a good chance we'll see an improvement in eCash prices in the near future. Read more about today's trending cryptocurrencies.