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QTUM climbs 189% in under 8 hours

QTUM climbs 189% in under 8 hours

QTUM is the latest crypto currency to make the headlines. Registering significant gains in past few days, it is now #14 crypto currency in the world with a market capitalization of $5.1 billion.

With Bitcoin at a striking distance of $20,000 mark, all eyes are on the cryptocurrency. However, QTUM too grabbed the attention of the industry insiders as it surged to double its gains on Sunday.

On the morning of December 17, QTUM was trading at $29.67. At 9:14 pm on the evening of the same day, the value of QTUM touched $56.06, an increase of a significant 189 percent. Carrying on the rally, QTUM is going strong with the value of $69.94 at the moment, as per the website. In the past 24 hours alone, QTUM's price has appreciated by 102.10 percent.

The Singapore-based blockchain company, whose protocol imbibes the capacity of Ethereum to execute smart contracts, was nowhere in the picture by the end of last week. The crypto currency has been built upon Bitcoin’s established UTXO transaction model and exercises a proof-of-stake accord mechanism. It is known to be a more realistic for business adoption.

Qtum strives to establish services capabilities that bridge the gap between blockchain networks and businesses. Similar to Ethereum's broad decentralized app (dapp) ecosystem, Qtum's ecosystem is intended to promote effective and lightweight business applications which can seamlessly integrate with most blockchains.

Earlier, similar significant gains have been seen in Ripple, Cardano, Litecoin, TRON, Stellar and Bitcoin Cash. Industry experts suggest that the investors on the look out of Bitcoin have fuelled the demand for other crypto currencies.

After the launch of Bitcoin futures at the Cboe and CME exchanges, the Bitcoin is nearing the milestone $20K. The largest crypto currency contributes over 50 percent to the $634 billion crypto market. Bitcoin is currently trading at $18,967.60 as per the information on the website.