MonaCoin is among the double-digit gainers in the cryptocurrency market this week. The other virtual currency that is shaking the ground and blowing off the roof is Ripple (XRP). Ripple’s market capitalization edged past Ethereum yesterday becoming the second largest crypto in the market. However, Ethereum has claimed its position and Ripple has retreated back its third place.
The entire market experienced a boost yesterday, with the total market capitalization rising from slightly below $200 billion to the current $225 billion. Significantly, Bitcoin (BTC) dominance is steadily going down as altcoins claim more of the market. Bitcoin dominance currently stands at $51.6% from 56.1% on September 10.
MonaCoin, on the other hand, is up 44.75% in the last 24 hours. The token is edging higher against its peers in terms of the trading volume, the market capitalization and even in price. For the most part of September, MonaCoin (MONA) traded below $1.00. In fact, on Thursday this week, the price was still range-bound below $1.00. Nevertheless, the cryptocurrency engaged rocket thrust boosters on Friday morning as it went ballistic above the resistance at $1.0.
Significantly, the price overcame the resistance at $1.2 as well as $1.6. It came close to $1.8 but was unable to retrace higher. There was a slight correction from the weekly highs, though a short-term support has been established at $1.40. At the time of writing, MONA/USD is settling in a bullish flag pattern pending an upside breakout. The technical indicators had turned a bit negative, although they currently show that the bulls still have momentum and energy left to not only defend the support area but face the immediate resistance at $1.6, the next resistance target at $1.8 and eventually $2.00 in the medium-term.
Accordingly, the trading volume has seen the biggest spike in the longest time. At the beginning of this week, MonaCoin trading volume stood around $642 million. Subsequently, it surged beyond $1 million on September 20 and recorded $16.9 million at the close of the session on Friday. At present, the trading volume is $19.5 million. On the other hand, the market capitalization has witnessed a significant increase as well; from $59 million at the beginning of the week to $96 million at the time of press.
About MonaCoin (MONA)
MonaCoin is a digital currency that was conceived and developed in Japan in December 2013. Its website states that it was the first virtual currency to be built in the country. The digital asset is a concept that was birthed from the popular ASCII art character “Mona.” MonaCoin enjoys the backing of a rapidly growing community. Like Bitcoin and its anonymous Satoshi Nakamoto developer, Monacoin’s creator’s identity remains unknown, however, he or she is referred to as “Mr. Watanabe.”
Over the years, MonaCoin has made a name for itself in the industry as a virtual currency with a great future. Although the entrance of altcoins has overshadowed the existence of many cryptocurrencies, MonaCoin continues to operate and thrive as an alternative to Bitcoin in Japan. MonaCoin is a hard fork of Litecoin but it utilizes the Dark Gravity Wave difficulty algorithm. Its block size is only 1.5 minutes while the relative reward per block is 25 cents.
Unlike most other cryptocurrencies MONA was never pre-mined. This means that the developers of the crypto were not allocated any coins in the ICO. MonaCoin currently has a circulating supply of 62,438,800 MONA.