The cryptocurrency market has hit a bit of a stride today. Yesterday it stood a bit stagnant, as Litecoin propelled above the rest. The total market cap for all cryptocurrencies has hit over the $460 range, which is the highest it has been in the last two weeks. There could be several reasons as to why the market has suddenly taken a bullish turn – let’s explore.
Just recently, Litecoin announced the launch of LitePay, the payment infrastructure for Litecoin. In the evening on the 12th, LitePay Inc. tweeted the official launch of LitePay finally set for February 26th. News must have reached mainstream yesterday, as Litecoin was the only major cryptocurrency that was seeing significant gains. Litecoin’s boost may have propelled the market.
Microsoft (NASDAQ:MSFT) announced that it will be implementing blockchain to secure and hold digital identity data. The tech giant is hoping to prove all the cryptocurrency naysayers wrong. This too was announced on the 12th, on the Microsoft website blog by their Director of Program Manager, Alex Simons. He said:
“Over the last 12 month, we’ve invested in incubating a set of ideas for using Blockchain (and other distributed ledger technologies) to create new types of digital identities, identities designed from the ground up to enhance personal privacy, security, and control. We’re pretty excited by what we’ve learned and by the new partnerships we’ve formed in the process. Today we’re taking the opportunity to share our thinking and direction with you.”
Has this announcement by the tech giant given crypto investors more confidence.
Chinese New Year
The last four years in the ramp up to the Chinese New Year, the cryptocurrency market has suffered slightly as millions spend money on travel and gifts for the Lunar New Year. The lead up to the Chinese New Year when natives flock back home is known as the “largest human migration.” China just recently banned all cryptocurrency sites both foreign and domestic via their country-wide firewall. However, most Chinese natives have probably utilized VPN accounts that tell a computer you live in a different country to continue to invest in these digital tokens. The market suffered immediately but has since recovered.
Could individuals be purchasing digital tokens for each other? As we are just two days away from the launch of the Lunar Year of the Dog. It’s an interesting thought, as the Chinese New Year is treated just like American’s Christmas. What are your thoughts?
Featured Image: MD