Four Altcoins Rebound +50% Over Twenty-Four Hours

Most coins and tokens in the market cap one hundred are glowing green for the day of Friday, August 17th, but it’s the altcoins further down the list that have felt the strongest bounce.

Such a bounce may have been inevitable after the bloodletting of August which saw many altcoins lose north of 50% over the course of the month. The coins that suffered the worst have now benefited the most after surging to gains in excess of 50% over the past day.

Ontology (ONT)

On the afternoon of August 16th, Ontology (ONT) was priced at $1.44 after climbing from five month lows over the previous few days. Overnight the token saw a trebling of its daily volumes and the price surged to a daily peak of $2.16  – marking a growth of 50% by 03:30 UTC.

When the surge cooled off the price sprung back to around the $2.00 range, where it has hovered since daybreak this morning.

The recovery by Ontology is in proportion to the losses it experienced earlier in the month, after losing 50% between August 8th and August 14th.

VeChain (VET)

VET coins are up 53% for the day after jumping from $0.009955 to a peak of £0.015232 at 07:30 UTC this morning. Market cap statistics for VeChain have been reset after the coin underwent a token swap which saw VEN tokens changed to VET.

Like Ontology, the VET price has since stabilized after the surge, with the $0.0015000 range being maintained for the last six hours. Over 96% of VET trades have come on Binance where BTC and USDT trades dominate the majority.

Nano (NANO)

Nano’s peak was later in coming and peaked 13:30 UTC today, just a couple of hours before publication. From a low of $1.21 yesterday afternoon, NANO coins saw their value increase by 60% en route to a price of $1.94 – an over two week high that returns Nano to a July valuation.

Once again Binance finds itself host to the overwhelming bulk of the trades today, with NANO/BTC pairs alone making up 81% of the daily total. Overall daily trades have climbed from $5 million to $17 million over the last twenty-four hours – Nano’s highest daily volume since early June.

Cortex (CTXC)

Cortex saw a trade influx of over 300% today, with the $21 million daily volume not being seen since mid-July. Over the last day the coin price ascended from $0.253153 to a peak of $0.503776 – marking 99% growth over twenty-four hours.

Unlike the other coins and tokens on this list, Cortex isn’t listed on Binance and instead finds the majority of its action coming from Huobi, where BTC, ETH and USDT trades make up over 70% of the total.

Most cryptocurrencies are growing green today, although Bitcoin and Ethereum have only notched up growth within the range of 1-3%. Further down the rankings the altcoins are feeling the bounce, presumably due to the proportional extent of their losses earlier in the month.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.

Leave a Reply