Electroneum (ETN) is currently trading around $ 0.024. In the last 24 hours it is up by almost 29%. However, this is not the only surge which it has experienced in the last one week. In the last one week alone, it has surged by 211%.
Electroneum (ETN) surges by 211% in just 7 days:
A week earlier, Electroneum (ETN) was trading around $ 0.0077. Currently, it is trading around $ 0.024. The market cap of ETN a week earlier was around $ 61 million. Currently, the market cap is around $ 200 million. Thus, in a matter of 7 days, it has increased by 211%. There is hardly any other cryptocurrency which has increased by such a significant amount in such a short period of time in the last 1 week. Due to the surge in the cryptocurrency price, it has also managed to reach the top 50 cryptocurrencies. This is another accolade which it has managed to gain due to this surge.
Many investors are trying to figure out what is the cause behind such a significant increase. In order to understand this, you have to 1st look at the history of Electroneum (ETN). It was created from to a fork from Monero (XMR). It had inherited a bug from Monero (XMR). Due to this bug, funding in the cryptocurrency exchange using ETN could be done multiple times. That is why there was a possibility for double spending. Recently, however, this bug has been eliminated that. As a result, the cryptocurrency exchanges are ready to use ETN once again. This is one of the main reasons why it has been surging as well. The announcement that the bug has been eliminated came on September 26. Ever since then, it has been increasing consistently as well. It even rallied before this announcement in anticipation of the same and due to broad-based crypto rally.
Since it was a bug which threatened the fundamental nature of the cryptocurrency, the elimination of the bug has brought about a rally in the cryptocurrency. Also, since it was an inherited by ETN, the development team behind Electroneum (ETN) had very little control over the bug. In spite of that, they were able to completely eliminate that bug. That is why the cryptocurrency has been falling consistently.
It remains to be seen how high it can go. For now, however, it seems like it has rallied pretty hard in the last 7 days alone. With such a fundamental change, it can actually rally even more. Also, this will assure most of the cryptocurrency exchanges that they can now actually list this cryptocurrency as the bug has been eliminated.