Loopring, Elastos and Ontology: Lesser-Known Altcoins on the Move
The lesser-known altcoins have been making big moves as of late. Hacked recently reported on a wild 87% gain for BitTube, whose TUBE coin ranks no. 402 in market capitalization.
Focusing our attention on the top-100 cryptocurrencies, three names stand out: Loopring, Elastos and Ontology. Each coin has outpaced the broader market’s 3% return over the past 24 hours.
Though its far too early to tell if any of these cryptocurrencies are sleeping giants, an evaluation of price trends and marketing hype suggests they are worth a second look.
Loopring is building a decentralized exchange based on open-source protocol. Though hardly unique from a crypto-market perspective, the protocol will allow users to trade from their private wallets while accessing liquidity from around the world.
The protocol is aiming to develop a truly ‘trustless’ trading platform that mirrors the underlying blockchain on which it is built. Because it is a protocol and not a singular exchange, the code can be leveraged by other decentralized applications. The project also seeks to unify various pools of liquidity. In theory, this will allow for better exchange rates.
LRC tokens are the mechanism by which Loopring will generate fees for its services. The token will also reward miners, exchanges and other users for matching trades.
The LRC token has gained nearly 9% over the past 24 hours to trade near $0.56. It has a total value of $313.7 million, placing it at no. 57 by total market cap. The coin is predominately traded on OKEx, IDAX and Binance.
Elastos has generated significant buzz in the investment community as it continues to build out its new Smart Web infrastructure. Dubbed as the “internet of the future,” Elastos is developing a platform where decentralized applications can flourish without the internet. The Elastos internet will be powered by blockchain technology and will enable users to digitize their assets as well as copyright them.
The project is being funded by Foxconn Group and other industry players, who have invested over 200 million RMB ($31.2 million U.S.).
ELA tokens are the native currency of the Elastos platform. Only 33 million will ever be issued, with circulation increasing every year. The cryptocurrency will be merge-mined with bitcoin, in which case consensus is reached simultaneously on both chains.
The value of ELA rose 9% on Wednesday to $43.86 a unit. At current values, the token is capitalized at $221.4 million, enough for 68th on the coin-ranking list. Daily trading volumes are around $15 million, with Huobi and BCEX being the sole markets for ELA.
The Ontology project seeks to resolve the challenge of scalability currently plaguing the blockchain community. It plans to do so by launching a “high-performance public blockchain” that will enable companies to scale to enterprise-grade levels.
Ontology has surged in the crypto-market rankings as the debate over scalabiltiy continues to preoccupy investors. A successful airdrop of ONT tokens, combined with the release of testnet Polaris, have helped propel prices higher in the second quarter.
With an anticipated mainnet release scheduled this year, Ontology could be poised for a promising second half of 2018.
ONT is current valued at $8.05 a unit, having gained more than 8% over the past 24 hours. The billion-dollar cryptocurrency is ranked 20th by market cap with a total value of $1.2 billion. Daily trading volumes are in the nine-figures, with more than $117 million turned over on Wednesday.
In terms of markets, ONT is the most widely available cryptocurrency on this list. Binance and OKEx generate the bulk of trading activity for ONT tokens, with the likes of Huobi, Upbit and Kucoin also providing access.
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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