U.CASH Cryptocurrency Cracks Top 30 Following 1,000% Gain

The value of U.CASH surged over the weekend, mere days after launching on the BTC-Alpha exchange, placing it among the world’s most popular cryptocurrencies in terms of market capitalization.

U.CASH Price Levels

The U.CASH (UCASH) cryptocurrency spiked more than 1,000% to $0.09 on Sunday, according to the latest figures provided by CoinMarketCap. At current price levels, the coin is capitalized at $787 million,  placing it 29th among active cryptocurrencies.

At its highest point Sunday, UCASH cracked the top-25 with a market cap of nearly $1.1 billion. At the time of writing, there are more than 8.6 billion UCASH tokens in circulation out of a total supply of 21 billion.

An analysis of historical data shows UCASH started trading on BTC-Alpha on Feb. 9. The platform, which processes more than $5 million worth of transactions each day, is currently the only source offering UCASH cryptocurrency.

More than $437,000 worth of UCASH tokens were transacted on Sunday. Bitcoin was the quote currency on nearly 56% of the daily transactions, according to CoinMarketCap. More than 38% of the daily transactions were placed against Ethereum and nearly 6% against the U.S. dollar.

The broader cryptocurrency market backtracked on Sunday, with the total value of all coins bottoming near $383 billion. At the time of writing, the combined market cap was $408 billion.

The Rise of Peer-to-Peer Financial Networks

U.CASH, or Universal Cash, is a retail currency converter that allows investors to exchange digital currencies for fiat money quickly and seamlessly. Through a global peer-to-peer financial network, the company claims to offer access to traditional financial services using the UCASH token.

The company recently concluded a 16-level bounty program worth a total of $113.6 million. Under this distribution model, users can acquire UCASH tokens by completing bounties designed to build out the network infrastructure.

Finance platforms like the one offered by U.CASH continue to be the most common projects infiltrating the ICO arena. Data provided by ICO Watchlist show that nearly 15% of all token raises have been finance projects.  The asset management and payments categories are second and third respectively.

Platforms promising greater financial inclusion and access to unbanked populations have been viewed favorably by investors in search for high-growth projects. In the case of U.CASH, the digital asset converter network allows anyone with an internet connection to access financial services.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi