Market data as of 10:40am, 23 May 2018.
The past 24 hours has left the overall cryptocurrency market in the red, with the big players such as BTC (▼4.95%) and ETH (▼8.18%) posting sizeable loses in valuation. In Market Watch today, we will be taking a look at the few coins that manage to stay afloat amidst the sea of red, as well as cover some of the players that have taken the biggest hits.
Disclaimer: The views and claims expressed here are not meant as an alternative form of investment advice. Every investment move involves risk, and you should consult professional financial advisors for guidance or conduct your own research before making a decision.
Price: $33.25 to $43.44 (▲30.65%)
Volume: $1,804,580 to $8,264,080 (▲357.95%)
Cap: $129,873,811 to $169,425,147 (▲30.45%)
The shocking numbers posted by ZEN is a huge outlier in the market today. However, there is a very simple explanation for the sudden surge of the cryptocurrency. ZEN is going to be the newest listen coin on Binance, one of the most popular cryptocurrency exchanges in the world right now. Binance literally just announced the listing and we have already seen this massive spike in price of ZEN.
The price action is very typical of any coin that is announced to be newly listed on Binance. Being the exchange with one of the highest trading volumes, it is no surprise that an announcement about listing there is extremely positive news for investors.
If you haven’t yet gotten in on the action, you should be cautious about trying to play the listing trading game as many coins tend to immediately dump once the it properly lists on the exchange as many people who bought the coin earlier will be eager to take profits.
Price: $0.374067 to $0.387683 (▲3.64%)
Volume: $1,806,110 to $4,410,770 (▲144.21%)
Cap: $170,384,172 to $175,446,877 (▲2.97%)
Just 2 days ago, MAID appeared as the top few coins on our market watch and today, they are making another appearance. MAID is one of the few coins doing well in the bloodbath that is the past 24-hours. In their developer update last week, the team alluded to an upcoming big announcement. They later even tweeted, “It’s not Alpha 3, we think it’s bigger than that!”.
Alpha 3 is the next step along the SAFE network roadmap. If the announcement had been about that, it would already have huge implications for the cryptocurrency. Unsurprisingly, there is building hype about the announcement that is to come since the team seems very excited about it.
Simply looking at the spike in trading volume and the fact that MAID is one of the few coins in the green, it is needless to say that investors have been paying more attention to it. The price of MAID is expected to do well relative to the market as the community eagerly awaits their hyped up announcement that is to come.
Price: $33.25 to $332.54 (▲3.07%)
Volume: $89,871,800 to $165,204,000 (▲83.82%)
Cap: $1,286,814,912 to $1,322,023,162 (▲2.73%)
Up next we have ZCash which has just recently listed on the Gemini Exchange of Winklevoss twins fame. Gemini is a highly trusted exchange and the listing of ZCash there is akin to something like a coin listing listing on Coinbase (we all remember what happened when Bitcoin Cash first announced listing there). The privacy coin itself had a strong following even before this announcement and it is one of the leading cryptocurrencies focused around privacy.
Expect increasing trading volume around ZEC in the following weeks and lots of price action that investors can take advantage of.
Price: $0.0013091 to $0.001098 (▼16.13%)
Volume: $3,476,930 to $2,357,810 (▼32.19%)
Cap: $176,501,319 to $146,202,996 (▼17.17%)
Another familiar coin that we recently covered in our Market Watch. It was the number 1 gainer just a few days ago. Today, HOT is the top loser among the top 100 cryptocurrencies. After a great run up the past few days, some correction and cooling down of the price was to be expected. Unfortunately, the current situation of the market further exacerbated that, resulting in the large double digit losses of the token.
Looking at the positive side, if you like the project and what is in store, this serves as a good time to get your HOT tokens at a discount from the previous run up.
Price: $51.70 to $44.04 (▼14.82%)
Volume: $4,914,349 to $6,528,960 (▲32.85%)
Cap: $569,723,000 to $484,469,700 (▼14.97%)
A week ago, Augur set the date for their upcoming main net launch on the Ethereum network in July. The price of the REP token spiked right after the announcement, but has since shown that it is not able to hold those gains.
The price of REP has since fallen below even the point where it was before that announcement. This might not bode well for Augur holders as the good news has not been able to keep the price up. The fall in price also aligns with some increases in trading volume, indicating that the sell-side action is quite a bit stronger than that of the buy-side. REP will possibly see more red in the days to come.
(Market data source: CoinMarketCap)