Holo Moves First: HOT Token Price Up 72% Over Week

Holo (HOT) spiked 28% on Friday afternoon as it continues to subvert the general market trend. In a week in which Ethereum is down 25% and altcoins continue to bleed out, Holo has recorded 72% gains, as its upward trend since late June steams forward.

Holo Price Surges 28%

From a daily low of $0.001100 at around midday Friday, Holo went on a six hour run that ended with 28% gains and a coin price of $0.001415. This compounds the token’s weekly growth and leaves it with 72% gains in a week in which the market went the other way.

Trade volumes have more than doubled over the course of the day, steadily, without showing any unexpected or sudden spikes. From $14 million this morning to $29 million as we enter the evening, such volumes have been typical for HOT for the majority of September so far – even topping $50 million on September 4th.

HOT Monthly Growth

HOT stands out as being one of the very few coins to have recorded steady growth over the course of the summer. Holo only launched in late April, and while it did sink with the rest of the market as we entered into the summer months, ever since June 29th HOT has been climbing steadily upwards.

Taking the HOT valuation of $0.000343 recorded on June 29th, the token has grown 296% since then, up to the current valuation of $0.001358 at time of writing. There have been spikes and troughs in between, but as you can see, HOT shows a very clear upward swing over the past few months.

Binance Bounce

The only cryptocurrency in the top one-hundred that comes close to Holo today is Dogecoin (DOGE), which has also been one of the outstanding performers of recent times, and is actually up over 100% for the week.

As has been the case for most of September, the majority of Holo’s movements are coming on Binance, and today over 88% of trades have come from there. HOT/BTC makes up 54% of the daily trades, while HOT/ETH is also finding some attention with over 34% of the daily total, both pairs coming on Binance.

Ultimately, Holo’s performance from the peak of the summer to the beginning of Autumn is worthy of examination. The firm have already brushed shoulders with the likes of Mozilla, after CFO Jim Cook mentioned Holo as likely collaborators in a media interview. While token’s website also lists favourable mentions from the high-up muckety-mucks at such global brands as Coca-Cola and Deloitte.

Whether that’s enough to justify the token’s recent growth is up for debate. Holo’s target niche is within the cloud computing market, with the blockchain used to record transactions between renters and rentees of spare computing power. That’s an idea that most associate with Golem (GNT), yet Holo has now raced ahead of Golem into 45th place in market cap rankings in a third of the time that Golem has existed.

Featured image courtesy of Shutterstock.

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