Global Volume Up 23% Today: PundiX and Wanchain Feel the Bounce
Global trade volumes have begun to rise again after falling steadily throughout the week, with a 23% influx pouring in since yesterday.
Bitcoin jumped 3.8% today and reached a coin price of $7,144 before a slight fallback to the $7,100 range. Ethereum spiked 2% before immediately losing the day’s gains and is currently in the red over 24 hours at $405.
The impact of the trade influx has been most felt at the lower ends of the market cap top one-hundred, where a host of altcoins have struck double figures for the day.
PundiX is up 32% for the day, climbing from a price of $0.001870 up to the current price of $$0.002484. These seismic surges are nothing new for PundiX, and this one could be a day-trader’s favourite considering its consistent volatility. Looking at the chart below, you can see the pattern of brief surges that follow every dip over the course of the month.
Binance is host to the highest volume of NPXS trades today, representing 84% of the daily total. NPXS/BTC trades are the most active by far, making up $5 million of the $8 million daily volume, while ETH trades account for around 30%, or around $2.7 million.
PundiX targets the fiat-crypto conversion market, while attempting to push into physical shops and stores with easy crypto payments. The Indonesian crypto firm recently got accepted as a payment method in a chain of Hong Kong restaurants, and even has established cryptocurrencies such as Verge (XVG) seeking to be listed on its Point-Of-Sale (POS) crypto-payments platform. Big moves for a coin that only gained an official market cap ranking in July 2018.
WAN coins spiked 27% today, hitting a daily peak of $1.44 before an expected fallback to the $1.30 range. The daily volumes have jumped an incredible 370% in the last 16 hours or so, rising from $1.7 million earlier this morning to the current volume of $8 million. As above so below – Binance BTC trades make up 78% of that $8 million volume, with Binance ETH trades covering 10% of the total.
Wanchain only finds itself represented on five exchanges, with Huobi and Kucoin presenting the only real alternatives to Binance.
WAN’s monthly outlook isn’t as bad as PundiX, perhaps due to the waves it made in late July after conducting an atomic swap between the WAN and Ethereum blockchains. Cross-chain transactions between disparate blockchains is a relatively new phenomenon and has only been achieved by a small handful of coins.
Besides the two coins above, ZCoin (XZC), Elastos (ELA), Basic Attention Token (BAT) and Aurora (AOA) have all hit double figures for the day, although the tide has now started to turn with the growth slowing over the last couple of hours.