Why is eCash (XEC) Price Up By 70%?

eCash (XEC), a cryptocurrency focused on being a means of transaction for goods and services, has seen its price skyrocket by an impressive 69% in the past 24 hours. The sudden surge has propelled XEC to the top of the gainers list on Binance, with the token’s market cap increasing by 67.75% to $1.57 billion, ranking it as the 68th largest cryptocurrency.

Rapid Community Expansion Fuels Demand

One of the key factors contributing to eCash’s recent success is the rapid growth of its community. The official eCash CoinMarketCap community has just reached a significant milestone, surpassing 70,000 followers. This expanding user base is a testament to the growing interest in and adoption of XEC as a means of payment.

The increasing community support has led to heightened demand for XEC, as more users seek to acquire the token for transactions and potential price appreciation. This surge in demand has played a significant role in driving the recent price rally.

Steady Development Progress Boosts Confidence

In addition to the growing community, eCash has also been making notable strides in its development. The project recently shared updates on its progress across various fronts, including the Cashtab Wallet, Bitcoin ABC Node Software, and the Avalanche on eCash initiative.

Cashtab Wallet Enhancements

The Cashtab Wallet has seen several upgrades, including an improved ecash-coinselect library that supports eToken transactions and optimizes transaction construction for lower fees.

Users with more than 1 million GRP eTokens can now enjoy ABSOLUTE MINIMUM 1.0 sat/byte fees. Additionally, the Chronik-client backend upgrade is 90% complete, promising improved load times and reduced app size, along with UI/UX improvements.

Bitcoin ABC Node Software Updates

Bitcoin ABC, the node software powering eCash, has released versions 0.28.9 and 0.28.10, bringing minor bug fixes, under-the-hood improvements, and an experimental version of the Chronik indexer for supported Linux platforms.

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Avalanche on eCash Progress

The Avalanche on eCash initiative continues to gain traction, with a recent video tutorial on increasing staking rewards and an overview of the network’s status. The eCash Avalanche Network currently boasts 231.8B XEC staked across 90 nodes and 69 peers.

These development milestones demonstrate the eCash team’s commitment to enhancing the project’s capabilities and user experience, bolstering investor confidence in the token’s long-term prospects.

RSI Reaches Overbought Levels

The daily RSI (Relative Strength Index) for eCash currently stands at 92, signaling that the token is heavily overbought in the short term. An RSI above 70 generally indicates that an asset’s price has risen too quickly and may be due for a correction or consolidation.

However, it’s important to note that during strong bull markets, assets can remain overbought for extended periods. The project’s fundamentals and expanding community support the bullish overall trend, despite the high RSI suggesting that XEC might experience a short-term pullback.

Investors and traders alike continue to closely monitor the token’s price performance as eCash gains popularity as a method of payment and draws more users to its ecosystem. With the combination of strong community growth, steady development progress, and bullish market sentiment, XEC appears well-positioned to continue its upward trajectory, albeit with the potential for short-term volatility.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.