Zilliqa (ZIL) crypto soars amid rising market. Here's why

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 Zilliqa (ZIL) crypto soars amid rising market. Here's why
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Highlights

  • The ZIL crypto is the native utility token of Zilliqa, a permissionless blockchain.
  • Zilliqa allows staking and yield farming. Also, it acts as a home to several decentralized applications.
  • Zilliqa announced that Art Malkov had joined the company as Head of Marketing.

After declining rapidly over the last few days, the overall cryptocurrency market showed recovery on Tuesday morning, April 19. At 8 AM EST, the global crypto market cap had jumped 4.5 per cent to US$ 1.89 trillion.

Also, the total crypto market volume rose 16.5 per cent to US$ 89.57 billion. Both Bitcoin and Ethereum (ETH) rose 4.6 per cent at US$ 40,769.05 per token and US$ 3,047.3 apiece, respectively.

Amid the rising crypto market, the Zilliqa (ZIL) crypto probably caught the attention of investors. At the time of writing, the ZIL crypto was up by seven per cent to US$ 0.1105 per token, and its one-day volume soared 44 per cent to US$ 643.7 million.

What is Zilliqa (ZIL) crypto?

The ZIL crypto is the native utility token of Zilliqa, a permissionless blockchain. As the native token, the ZIL crypto is used for processing transactions on the blockchain and executing smart contracts.

The Zilliqa blockchain is designed to provide high throughput, and it claims to process thousands of transactions per second. The testnet for the permissionless blockchain went live in March 2018, and in 2019, its mainnet was launched.

Also Read: What is Spintop (SPIN) crypto, and why is it soaring?

Zilliqa allows staking and yield farming. Also, it acts as a home to several decentralized applications and aims to solve the issue of blockchain scalability.

The total and maximum supply of the ZIL crypto is 15.96 billion and 21 billion. Meanwhile, the circulating supply of virtual currency is 12.67 billion ZIL tokens.

ZIL crypto©2022 Kalkine Media®

Bottom line

The rise in the price of ZIL crypto is probably due to the announcement that it has officially joined the Blockchain Game Alliance (BGA). Zilliqa could play a role in defining the future of blockchain-based gaming.

Also, Zilliqa announced that Art Malkov had joined the company as Head of Marketing. Mr Malkov has previously worked with Polymarket and IoTex.

Investing in virtual currencies should be done carefully as the crypto market is highly volatile and the prices keep fluctuating.

Also Read: What is Celo crypto and why is its price skyrocketing?

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