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This cryptocurrency has tripled its market cap in 2 months

This cryptocurrency has tripled its market cap in 2 months

During a favorable phase for most cryptocurrencies, 0x (ZRX) emerged as one of the standout performers, albeit less conspicuously. Amidst its bullish trend, both its market capitalization and value saw a significant multiplication.

In recent months, 0x’s market capitalization experienced remarkable growth, soaring by +238% in two months and, notably, almost doubling (+89%) in a mere two-day span. This surge in value coincided with a significant uptick in large-scale ZRX transactions, reaching a peak not seen in 1.5 years. 

Additionally, older coins, which had been dormant, re-entered circulation. This activity was highlighted by Santiment, a blockchain and cryptocurrency behavior analysis platform, in a post on November 12.

ZRX value and market cap increase.  Source: Santiment
ZRX value and market cap increase. Source: Santiment

This multiple-fold increase over the two-month period has brought the market cap of 0x to $479.97 million. 

There have been 23 transactions exceeding a value of $100,000 in a single day since April 22, 2022. Notably, the average age of 0x investments is dropping, indicating that older wallets are moving and more coins can circulate.

This trend looks set to continue in the near future, which will further increase the liquidity of this crypto asset and allow for more new investors to step in.

ZRX price analysis

At the time of press, 0x was trading at $0.58, representing a 9.83% positive increase in the 24-hour period, which has followed a remarkable 123.92% increase over the 7-day period, coupled with a skyrocket in value of 176.67% in the previous 30-day span.

ZRX 24-hour price chart.  Source: Finbold
ZRX 24-hour price chart. Source: Finbold

This value increase comes from solid indicators in the same period, where it has outperformed 91% of the top 100 crypto assets in a year. Also, 0x has had 21 green days in the previous 30 days and is trading above the 200-day moving average simultaneously.

However, it is still -79% down in value from its all-time high, and indicators suggest that it is overbought and may soon experience a decrease in value.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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