Crypto Market Up 40% Over Week; Small Cap Altcoins See Huge Price Moves
The global cryptocurrency market cap increased 10% leading into Christmas eve, compounding 40% gains for the week as the resurgence from the (temporary?) bottom of $100 million continued its momentum.
Sizeable gains were recorded predominantly among the altcoin market – enough to push Bitcoin dominance down to 50% for the first time in recent memory. Major alts like Ethereum and XRP jumped by 19% and 23% respectively, but the biggest gains were to be found further down the market cap rankings.
Zcoin (XZC) – 40%
A privacy coin which traces its roots back to the Zerocoin protocol, Zcoin moved from a valuation of $5.46 to $7.67 – a 40% increase, and not far off the monthly high. Trade volumes increased nearly 1,000% over the course of the day, with over 70% of the action coming from Binance’s BTC, ETH and BNB gateways.
Zcoin launched back in 2016 using the Zerocoin protocol as a foundation. Not to be confused with Zcash (ZEC) and its implementation of the Zerocash protocol. Monday’s surge places Zcoin in the top hundred coins by market cap, and the $2.7 million volume continues to rise – up from $275,000 just a day ago.
PIVX (PIVX) – 60%
PIVX climbed 60% against the dollar in the twenty-four hours leading up to Christmas eve, as the coin price jumped from $0.640403 up to $1.03 – a new monthly high, and one that clears PIVX of Q4 losses.
The Korean influence was felt heavily on the coin’s trades, and nearly 50% of the $8.8 million daily volume came from PIVX/KRW trades on Bithumb and Upbit. That volume is the highest in over two months, and is a 2,833% increase on average volumes from earlier in the week. The market with the highest liquidity remains Binance’s PIVX/BTC pair.
REPO (REPO) – 86%
A token based on the Stellar (XLM) protocol, REPO climbed to 86% gains last night before a subsequent pullback. The token price rose from $0.172184 up to $0.320584, before falling back to the $0.27 range. Even with the pullback, the token price remains up 57% from the day before.
REPO’s daily trade volumes are scant enough to be manipulated by low four-figures, and all of the action has come from just two exchanges – Stellar Decentralized Exchange, and Stellarport. Both exchanges processed the exact same dollar value in trades – a sign that just one person may be moving money around?
Either way, REPO launched via airdrop in Q2 of 2018, and since striking at all-time-low on December 15th, the token has risen by 763% in value. Normally when a small-cap like this pumps, the project’s Bitcointalk forum is awash with activity, yet REPO’s page has only had one post in the last six months – make of that what you will.
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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