Small-Cap Surge Continues as Maker (MKR), Basic Attention Token (BAT) and Zcash (ZEC) Lead Rally
The small-cap cryptocurrencies continued to make the most waves on Thursday, offering yet another glimpse of low-risk, high-reward investment opportunities in the digital asset space. The big movers on Thursday were Maker (MKR), Basic Attention Token (BAT) and Zcash (BAT) – cryptoassets that have been among the year’s top performers.
Maker – a blockchain network comprised of a stablecoin, collateral loans and decentralized governance framework – surged 9.4% to $669.48, the highest in over a week. MKR has been on a tear ever since receiving the Coinbase treatment back in December. At the time, it was one of a quartet of Ethereum-based tokens to get added to Coinbase Pro.
Year-to-date, MKR has returned nearly 50%. The coin peaked north of $800 earlier this month but remains well off its 52-week high and all-time peak. At nearly $700, it is the most cost-prohibitive coin on the list of high-flying small-caps. Nevertheless, MKR has a lifetime return of 2,923%, according to CoinMarketCap. There are just 1 million MKR tokens in circulation. The cryptocurrency backs and stabilizes the value of DAI, a stablecoin that is intended to trade as close to $1 USD as possible.
Basic Attention Token (BAT)
For the second time this week, Basic Attention Token takes the reigns as one of the market’s top performers. BAT surged 10.4% on Thursday to trade at $0.3618, the highest since July 2018.
BAT is currently riding gains of 9.6% against bitcoin (BTC) to trade at 0.00006892 BTC. Against Ethereum (ETH), BAT climbed 6.9% to 0.00210658 ETH.
Much like Maker, Basic Attention Token has also received the Coinbase treatment, only this time it has created a greater sense of urgency. That’s because Coinbase Pro is letting users participate in an earning program that enables them to collect BAT tokens for completing a series of educational lessons offered through the Brave browser, which blocks ads and website trackers as part of the protocol’s long-term goal to disrupt the digital advertising landscape.
Despite slipping through the market-cap rankings, Zcash was back on the offensive Thursday, gaining 3.6% to $70.64. The privacy-focused coin peaked near $72.00 earlier, having gained more than 5%.
In terms of news, Zcash’s development team has joined hands with Ripple’s fundraising unit to invest in a new cryptocurrency startup called Bolt Labs. Bolt is essentially a second-layer scaling solution for Zcash and other networks that heightens anonymity on the blockchain.
In a blog post, Bolt Labs said its scaling solution “eliminates the linkage between payments within a channel, using well-studied cryptographic techniques such as commitments, blind signatures, and zero-knowledge proofs.”
“This protocol ensures that a customer’s payments are hidden within the set of all payments made to a merchant and that hubs (i.e., intermediate parties) learn nothing about the payers and payees they support,” it added.
Crypto Market Update
In addition to the high-flying small-caps, most of the top cryptocurrencies also reported gains on Thursday. Bitcoin, whose dominance rate has strengthened to 52%, climbed 1% to $5,283.33.
Ethereum broke above $172.00, adding more than 3%. XRP held slightly below $0.3400, having gained more than 2%.
Among the top ten, Binance Coin (BNB) was by far the best performer, climbing 9.4% to 21.42.
The combined value of all cryptocurrencies improved to $179.2 billion. The market peaked above $183 billion earlier this month.
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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