Friday’s bounce has continued through Saturday. Did we put in a bottom Friday morning? Maybe. We’ll see if the momentum continues. I bet we chop sideways +/- 10% over the next 3-4 days but who knows.
Dentacoin promises dental records on the blockchain. I think it’s pretty useless. This 40% bounce is under context of a 90% correction from its highs. To me this is a dead cat bounce from a useless token.
Nano’s price soared 41% yesterday as Binance listed the asset, and today it is coming back down from some of the exuberance. Nano’s an interesting project as it promises free, instant, and infinitely scalable transactions. It does this all without miners traditionally required in the cryptocurrency space. With Nano, each user has their own blockchain within the main Nano database. When a transaction is initiated, two blocks are created – one for the sender’s chain and one for the receiver’s chain. When a user signs on to receive a transaction, their wallet will automatically sign the transaction with its private key in a process Nano calls Pocketing.
Nano also scores points for being highly decentralized. While it was pre-mined, there is no central authority. Its developers and roadmap is hyper focused on being the best free, instant, and minerless cryptocurrency – so you won’t see smart contract or privatizing functionality any time soon. IOTA is similar to Nano in a lot of ways – but does aspire to support these additional functionalities.
Another rough day for crypto. Only 2 of the top 100 assets were green on the day – Digixdao and ZCash. Big news of the day was a scare of a ban in India that was later rebuked – but the pain continued.
Literally gold on the blockchain. Breakout day – catapulting into the top 40 on no news. Maybe it’ll act as a hedge vs wider crypto assets going forward since it’s actually backed by a tangible asset – real. shiny. heavy. gold.
Japan’s cat meme coin took a beating. It’s a total gimmick and got appropriately punished as the wider crypto world is going through a major wakeup call.
Mixed results for crypto assets on this fine Wednesday with only 7 of the top 20 in the green. Bitcoin continues to lag Ethereum with their market caps beginning to tighten.
Raiblocks / Nano (XRB)
Raiblocks rebranded to Nano today and took a bid higher on the buzz. XRB has a sound development team and some of the most advanced tech in the space. The bull story here is that it’s got upside to facilitate hundreds of thousands of transactions per second.
Ignis is a child on the Ardor network. Ardor is shooting to be “blockchain as a service”, promising plug and play simplicity. Why was it down? Well, it was listed on Bittrex and spiked hard on January 30th – so today’s more of a return to the mean than anything fundamental.
Another bad day for crypto with the overall market sliding on news of Tether’s subpoena. 96/100 crypto assets are down over the last 24 hours, overall around 11%.
Today’s big winner was Revain, jumping into the top 100 with volume coming from Kucoin, BTC-Alpha, and Cryptopia. It currently sits at a $290M market cap, good for 79th overall. Revain promises to bring accuracy and accountability to the online review world by introducing strict KYC for reviewers and transparency through blockchain. They plan to incentivize reviewers with tokens for submitting quality feedback for their online purchases and product experiences. No real news broke today – but the price surged despite sharp declines throughout the crypto world.
Amongst today’s losers – and there are many – today’s biggest decliner was Dent. Dent has set out to revolutionize mobile data. They want to enable P2P transactions where users buy, sell and gift data to other people at will. That would mean no roaming or surcharges. If successful, Dent would dramatically pressure the profit-margins of major telecoms and service providers.
It’s a big idea that was rewarded by investors to the tune of a $1B+ valuation just 3 weeks ago, but the hubris has died down and the market cap has receded down to $340M.
Overall cryptocurrency market cap was lower 4.6% on the day, sinking from $598B to $570B. The biggest gainer amongst the top 100 was GAS (+38%) while the biggest loser amongst the top 100 was WAX (-15%.)
GAS is the currency used to process smart contracts on the NEO network. GAS has taken off in lock-step with NEO over the last few weeks, as NEO has bucked the wider crypto trend soaring from the 20th largest crypto asset to the 6th largest as the rest of the market has declined.
The NEO founding team is hosting their annual NEO DEVCON event in San Francisco tomorrow, and this spike may be in anticipation of an announcement.
WAX is a potential solution to P2P digital microtransactions, especially related to skins and other assets in gaming.
It has continued its downtrend today – sinking to -44% for the week. This move appears strictly technical as the price has dipped violently below major moving averages.
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