Posted December 08, 2018 17:31:20 CryptoCoin has surged by nearly $20 per coin in the last 24 hours, and the price of a single coin has risen more than 70% in the past 24 hours.
The cryptocurrency is up more than $30,000 per coin, according to Coinmarketcap.com, the largest cryptocurrency price index, according a chart that tracks the rise in the price.
Cryptocoin is up by nearly 6,000% since October 20, when it was trading for $20.40, according CoinMarketcap.
The cryptocurrency has rallied by more than 9,000%, according to the data.
“I think we are in a new high and it is very exciting for CryptoCoins,” said John Paul DeMarco, CEO of Bancor, the crypto-asset platform, in an interview with CNBC.
The platform has over $500 million in market cap.
“We’ve had quite a bit of hype around crypto, but I think it’s very exciting to see how things have gone,” DeMarco said.
Bancor’s DeMarco and others say that the price rise is because the Chinese yuan has weakened, with investors buying more of the cryptocurrency and buying in bulk.
The currency is up nearly 8% in value this year, according the China Securities Regulatory Commission.
“The Chinese currency has been a major catalyst for crypto price growth,” said Jim Lefebvre, head of research at research firm Coindesk.
“The Chinese yuan is also weakening and we think that has contributed to the surge.”
The cryptocurrency’s rally began after China announced a 10% devaluation on December 8.
Bitcoin and other cryptocurrencies have gained nearly 20% and about 1,000%.
The Chinese government said the move was to prevent a deflationary spiral and avoid a sharp drop in prices, but critics say the move may have caused an economic collapse.
The move sparked a rally in Bitcoin, which has surged nearly 25% this year.
The Chinese Central Bank also cut the yuan’s rate to 0.0027% in an attempt to stimulate the currency, and its exchange rate has plunged.
The Chinese central bank said on December 16 it would cut the rate to 2.5% in order to revive the yuan.
Banks have begun cutting interest rates and have slashed the price on Bitcoin.
The currency has rallied more than 3,000 percent since October 10, according Coindege.
Bancors have said it is too early to predict whether the Chinese government will change its policy.
“The only thing that I think we can predict is that we will see an uptick in crypto prices, especially with China’s devaluation,” said Bancors CEO Jim Lesh.
There are a number of other factors contributing to the rise, according Cramer.
“There is no reason why the Chinese currency can’t devalue again before it has a significant impact on the Bitcoin market,” he said.
The increase in crypto price is a major positive for Bancurs market cap, which stood at $9 billion in August.
The Bancur network is the backbone of the Bitcoin protocol, which is used by millions of people around the world.
Btc’s rally in recent days has caused some traders to speculate about the currency’s future.
“I think that the bitcoin market will remain a little volatile as long as the government can force them to devalue,” said Cramer, referring to a policy by China that would lower the value of the currency.
“In the long run, the market will likely revert back to its previous value.”
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