Telcoin Crypto Clocks YTD Gains Of Over 30,000%: What's Going On?

Telcoin (TEL) touched an all-time high of $0.059 around two hours before press time. The Ethereum (ETH)-based cryptocurrency traded above 20% at press time in the early hours of Monday.

What Happened: TEL traded 24.12% higher at $0.54 and was up 264.83% on a seven-day trailing basis. In terms of weekly gains, TEL was placed on the third spot behind SHIBA INU (SHIB) and Bitcoin Diamond (BDC) in CoinMarketCap arranged rankings.

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TEL has racked up year-to-date gains of a whopping 30,496.25%. In comparison, the apex cryptocurrency Bitcoin (BTC),  has managed gains of 102.73% since the year began. BTC traded 0.85% lower at $59,120.94 at press time.

Last week, Telcoin’s official Twitter account posted that a bill in the Nebraska legislature centered around digital asset depository institutions connecting consumers to cryptocurrency and decentralized finance or DeFi in a “safe and compliant” manner had advanced from the committee stage. 

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Why It Matters: Telcoin is a project aimed at the remittance market. Gains in the cryptocurrency can also be attributed to its listing on the QuickSwap decentralized exchange, which operates on the Polygon (MATIC) protocol last month.

MATIC, the coin of a layer2  protocol on the Ethereum blockchain, traded 4.38% higher at $0.9495 at press time. ETH traded 5.47% higher at $4,132.99.

Trading volumes for TEL rose due to lower fees on the Polygon network and attractive yield opportunities for liquidity providers on QuickSwap, according to a Cointelegraph report. 

In March, Telcoin announced a remittance service aimed at facilitating funds transfer between Canada and the Philippines. 

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