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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