Altcoins TRX, BNB and Holo Fight to Hold on as Crypto Market Sinks $3.6 Billion
The global cryptocurrency market lost $3.6 billion in the previous twenty-four hours, while recent gainers Tron (TRX), Binance Coin (BNB) and Holo (HOT) attempted to continue pushing upward.
A short flash dip on Sunday morning saw the global market cap drop from $121.7B down to $118.1B, returning the price of Bitcoin to the $3,570 range. The altcoin market took the worst hit, after a hopeful few weeks of growth untethered from BTC.
Tron peaked up in the $0.03 range in the early morning (UTC), compounding 15% growth since Saturday, but a few hours later it fell back to $0.028.
At time of writing TRX is showing resilience in face of the dip, and has already pushed back up to $0.029118. Trade volume peaked at $419 million this morning but has begun to decline, back to $390 million.
Tron has been subject of both hype and criticism this week, and founder Justin Sun was recently interviewed by CNBC Africa’s Ran Neu-Ner, where he was grilled on the details surrounding the BTT token launch.
Going by Sun’s replies, it seems like the BitTorrent token will not be able to run solely on the TRX blockchain. Rather, Sun describes a ‘hybrid solution’ – one which some people had predicted was coming. The TRX price seems to have ignored such concerns however, and more people may be continuing to buy up TRX in anticipation of the upcoming BTT airdrop. Tron climbed several places in market cap rankings on Sunday, right up top 7th place, right behind Tether.
Binance Coin Price
Like TRX, Binance Coin recorded healthy gains of 6% before the dip struck on Sunday. BNB’s dollar value climbed from $6.83 to $7.25 overnight, peaking at around 09:00 UTC.
The subsequent drop off returned the price to the $6.90 range, but volume remains strong and BNB looks stubborn, while the altcoins surrounding it lose between 5-15%.
Binance had recently climbed to November 2018 highs, and technical analysis suggested there was life in the surge yet. Binance’s CZ recently announced a relaunching of the Binance Launchpad, and set his Twitter feed alight with the promise of an upcoming Binance DEX, which will have native support for hardware wallets from day one.
The HOT token price managed to record 19.8% gains despite the market dip, climbing from a token price of $0.001171 up to the new four-month high of $0.001404.
This compounds a ridiculous 243% growth since December which was attributed to the build up to the Holochain token swap which will see HOT replaced with Holo Fuel. Details on this remain light at the moment, and there could be other factors pumping Holo right now.
The $32 million daily volume is also the highest in four months, and the last time such volume was seen the price of HOT ran all the way up to $0.001591, suggesting there might be legs in this run yet.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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