IOTA, Vechain Lead Tepid Crypto Market Recovery on Sunday
Digital currencies IOTA and VeChain were among the biggest gainers on Sunday, though a lack of buying interest kept the broader market at a standstill.
IOTA, Vechain Lead Recovery
In terms of percentage gains, IOTA was among the best-performing cryptocurrencies on Sunday. The value of MIOTA sprung up 12.2% to $0.545 on trade volumes of $44.4 million.
IOTA is rebounding from extreme oversold levels after being losing more than 40% of its value during the latest rout in market prices. MIOTA was disproportionately impacted by the recent downturn because of multiple controversies at the Berlin-based IOTA Foundation. As Hacked reported earlier this month, a failed partnership with Sirin Labs and internal divisions at the Foundation have all contributed to the massive drop.
IOTA, which has since dropped to no. 12 on the crypto market cap rankings, has trimmed its seven-day decline to just 1.7%.
Meanwhile, the highly touted VeChain (VET) rose 12.1% to $0.013, regaining much of Saturday’s sharp reversal. The digital currency is also enjoying some momentum after launching its official mainnet in late June. The accompanying token swap on Binance officially produced VeChain Thor (VET), which is the cryptocurrency now quoted by the market.
Although there was no immediate catalyst for the recent upsurge in IOTA and VeChain, both currencies are part of a much larger initiative aimed at monetizing the Internet of Things. In particular, VeChain is benefiting from China’s latest push to speed up development and commercial implementation of blockchain technology. VeChain has developed national level partnerships with various government entities in the world’s second-largest economy.
Broader Market Trades Laterally
Gains in the broader cryptocurrency market were much slower to materialize on Sunday. At the time of writing, the total cryptocurrency market cap was worth $216.6 billion, up just 1.3% over the previous day.
Tepid moves in the broader market were accompanied by a sharp drop in total trading volumes. Market turnover has plummeted by 24% since Saturday, according to CoinMarketCap.
Bitcoin, the world’s largest digital currency by market cap, continues to trade below a key technical resistance. Bitcoin’s lateral moves come despite multiple signs of a bullish reversal over the past few days. As Hacked reported Thursday, the bitcoin price has returned above the 50-period moving average with key measures of relative strength showing stronger upward momentum.
At the time of writing, bitcoin was trading at $6,404 on Bitfinex. The cryptocurrency’s total trade volumes declined to $3.3 billion after spending the better part of a week above the $4 billion mark. The bitcoin price is up 1.7% compared to last week.
Ethereum rose 2.1% on Sunday to $303, trimming its weekly drop to 5.9%. Meanwhile, XRP rose 3.6% on Sunday to $0.342. Compared with last week, the so-called banker’s cryptocurrency has gained 12.8%. At its lowest point, XRP was down 93% from its record high.
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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