Rise of the Small-Caps: Tezos, Zcash, VeChain Surge as Majors Stagnate
As the top cryptocurrencies stagnated Wednesday, a group of prominent small caps put up big gains through the morning session, once again highlighting the ‘decoupling effect’ between bitcoin and its alternatives. At the time of writing, Tezos (XTZ), Zcash (ZEC) and VeChain (VET) were the biggest gainers in the top 30.
Tezos, the platform for smart contracts and decentralized applications, surged to fresh four-month highs Wednesday after Bitfi announced it was integrating the cryptocurrency into its hardware wallet.
“Due to popular demand, we are adding Tezos (XTZ),” the company tweeted earlier this week. “This is a very important smart contracts platform that delivers features that others cannot, like formal verification.”
Due to popular demand, we are adding Tezos (XTZ). This is a very important smart contracts platform that delivers features that others cannot, like formal verification. #Tezos #XTZ pic.twitter.com/pHwXRVCD4p
— Bitfi (@Bitfi6) March 18, 2019
The XTZ price briefly traded above 6 cents for the first time since November before backtracking later in the session. At the time of writing, it was trading at $0.05990, up 20.4% on the day. The cryptocurrency has a total market capitalization of $365 million, placing it 21st among active blockchain projects.
Tezos made headlines in December by entering into a partnership with Mainframe, a company that has been developing decentralized platforms since before the blockchain revolution took shape. According to an official press release from Mainframe, both companies are looking to advance blockchain development and adoption by training 1,000 developers in 2019.
Zcash was also riding a wave of momentum Wednesday after Bitmain announced it had launched a new, more efficient miner for the privacy-focused coin. The Chinese manufacturer claims the new miner has three times more hash power than its Equihash predecessor based on a metric called solutions per second.
The new miner, called Antminer Z11, uses a 12-nanometer chip that its proponents say can save 60% of electricity costs compared to its predecessor.
ZEC, which holds the 22nd spot on the crypto market index, climbed 3.3% to $59.23. It is now trading within $2 of its yearly high. Trade volumes have tripled since Sunday, reaching $254 million, according to CoinMarketCap.
VeChain is also experiencing a notable boost ahead of its first developer conference next month. The enterprise blockchain solution is looking to boost adoption of the VeChainThor Blockchain by demonstrating its utility in the real economy. As Hacked previously noted, VeChain has one of the most enthusiastic communities in all of blockchain, which means the upcoming event could play a significant role in how the VET token is priced.
The developer conference is scheduled for April 18 in San Francisco.
At the time of writing, VET was up 6.1% at $0.0056 on trade volumes of $15 million. The 23rd largest cryptocurrency by market cap has put up respectable gains in the first quarter, having returned 43% since January 1.
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.
Featured image courtesy of Shutterstock.