As this year’s altcoin season continues to flourish, yet another altcoin has marked tremendous gains in a short span of only two consecutive days. Everex (EVX) has recorded gains upwards of 275% over the last two days.
On March 24th, EVX was trading at around $0.29. At the time of this writing, the cryptocurrency sits at $1.23, marking an increase more than 300% in the last 48 hours. EVX has a market cap of a little more than $27 million, making it the 140 largest cryptocurrency in terms of total market capitalization.
Not only is this the higher price EVX has been trading at in 2019, but it’s also the cryptocurrency’s 10-month high.
The primary source of liquidity and main market of EVX trading seems to be Binance – the world’s leading cryptocurrency exchange. It reports an EVX/BTC traded volume of more than $145 million in the past 24 hours, accounting for almost 92% of the total trading volume EVX saw in this period.
Why Does EVX Surge in Price?
Besides it being an altcoin season, which typically favors violent altcoin price movements, the primary reason for EVX’s pump can be associated with recently published news.
Everex announced that their project has managed to receive approval from the state of New Jersey in the United States of America to onboard its users and to perform crypto-to-crypto domestic, as well as international transactions.
We’re excited to share with you that #Everex received approval from the United States – the State of NJ to onboard users and perform crypto-crypto domestic and international transactions 🇺🇸 http://t.co/PMJ6RM1Fez#fintech #blockchain #stablecoin #finance
— Everex (@everexio) March 25, 2019
The reason for which this seems to be so significant for the price is because Everex is primarily a Singapore-based company with a main focus on Asian markets. Hence, taking its technology to the US and making sure that it is a compliant transacting technology substantially expands the project’s reach.
Big news of the kind have the tendency to move price substantially, even though it’s important to note that an increase of more than 280 percent in 48 hours remains somewhat unorthodox.
Furthermore, a few days ago, EVX announced that it is being supported by the Ethos Universal Wallet, essentially improving its adoption further.