The cryptocurrencies market showed yesterday a general increase that has led to different altcoins such as Stellar (XLM), Cardano (ADA), and OmiseGO (OMG), to score significant gains. The total crypto market reached a value of more than $296 billion on Wednesday, according to CoinMarketCap.
In order to know the causes that are generating this behavior, two types of factors come into play. The first is the global aspects of the ecosystem itself, which include the good times the market is experiencing and the momentum it has taken over the past few days. The second relates to each particular crypto and the announcements that have been made over the past week that have had a positive impact.
Stellar (XLM) is Sharia-approved
Stellar (XLM), the sixth most valuable currency by market capitalization received a certification on Tuesday to use DLT technology in Islamic financial institutions. The trading volumes in the hours following the announcement were over $200 million, which led to a rise of 27% in XLM price. However, at the time of this writing, Stellar (XLM) trades at $0.30, scoring a 1.56% increase in the last 24 hours.
Cardano (ADA) might get on Coinbase
The market’s momentum also boosted Cardano (ADA), which experienced a 13% jump on Wednesday, although it already shows a slight correction, and is now trading at $0.18 increasing by about 2.1% in the last 24 hours.
The increase, which is still going on, could be due to Coinbase’s announcement that it is considering adding Cardano (ADA) to its platform, along with Zcash (ZEC), Stellar (XLM), Basic Attention Token (BAT), and 0x (ZRX).
OmiseGO (OMG) teamed up with McDonald’s in Thailand
In the case of OmiseGO, which rose 5% yesterday, the cause of its rise could be the announcement made by the CEO of McDonald’s in Thailand, Hester Chew, who talked about the successful conclusion of the partnership with the OmiseGO platform. The performance of this currency has been very uneven over the last day and is currently showing a slight correction.
As you may recall, McDonald’s subsidiary in Thailand reached an agreement last September establishing the use of the cryptocurrency payment service provided by OmiseGO.
OMG is now trading at $8.04, dropping by about 1% in the last 24 hours.
In short, yesterday, only good news surrounded a few of the most appreciated altcoins in the cryptocurrency market, including Stellar (XLM) and Cardano (ADA).