Some Unexpectedly High-Volume Altcoins for Your Cryptocurrency Portfolio
Recently we dived into the assessment by Bitwise that 95% of the world’s cryptocurrency trade volume is fake. Although this doesn’t take into account the coins changing hands on decentralized exchanges, nor over-the-counter trades, it may be worth erring on the side of caution and assuming the worst.
With that in mind, let’s take a look at some altcoins which record higher trade volumes than expected across Bitwise’s ten trusted exchanges, with data from OpenMarketCap. These are coins which suddenly look a lot more interesting as investment options when the playing field is evened out by removing fake trade volume.
IOST launched in January of 2018 and, if the aforementioned data is to be trusted, has already established itself as the 16th most traded cryptocurrency. Obviously trade volumes from trusted exchanges still fluctuate wildly, and are prone to as much manipulation by whales and bots as any other.
But with that said, IOST trade volume at time of writing exceeds $23 million, meaning it’s being traded at twice the volume of much higher capped projects like IOTA, Monero and Nano. With so much of the action coming from Binance, the veracity of this figure may be in question (refer to previous article for justification for that statement).
Some people have questioned Binance head CZ’s tendency to look after his own, so to speak. Critics say the CEO has uncomfortably close ties with Tron founder Justin Sun, and he was a major player in facilitating the launch of BitTorrent Token (BTT). Given the pattern which shows Binance-affiliated coins being furnished with fake volume, it may be worth looking at the China-based IOST with caution.
The project is seen as a mix between IOTA and Bitcoin, and while big on buzzwords, has delivered on several roadmap milestones already. Read more in Why Investors Should Pay Attention to IOST.
According to CoinMarketCap, Waves is the 30th most traded cryptocurrency at time of writing. But according to OpenMarketCap, it is the 11th most traded coin, ahead of NEO, Stellar and Ethereum Classic, with volume of $41 million.
If we remove the stablecoins from this reading, then suddenly Waves becomes a top-ten coin by turnover. Given that Waves has been around since 2016, and was bought like crazy during the run up to the Vostok ICO at the start of the year, this seems more plausible than one would otherwise expect.
Waves is a cryptocurrency and blockchain platform in the same vein as Ethereum, and is already responsible for 24 token launches currently listed on CoinMarketCap. Waves documentation states that 200 tokens have been launched on its platform since launch.
If it’s true that the most prominent cryptocurrency ‘use case’ is trading, then Waves’ increased volume could be an indicator of a coin in demand. Of course, given the coin’s surge at the turn of the year, a nice dip would be preferred before buying in. Since December’s peak of $4.56, the coin price has since dropped 33.5% down to $3.03 (still three times more than the November low in the $0.90 range).
Ravencoin burst into the market cap top hundred in October 2018 when the coin price quadrupled over the course of a month. After correcting all the way down to its original price, the pump started again, and Ravencoin jumped from a valuation of $0.01 to $0.07 from February to April, with an all-time high landing just last week.
All of this may have come as a surprise to investors who assumed Ravencoin to be just another altcoin, and just as surprising is how much the coin is being traded. Currently RVN is trading at a volume of $15 million – the 21st highest according to OpenMarketCap. Once again, this is ahead of such well-known projects as Zcash, Dogecoin, Dash, etc.
Check out this short primer on Ravencoin for an overview of the project’s features. Like Waves, it would be wise to wait for a drop in the RVN price, which just reached its ATH.
Ranked 123rd by market cap, QuarkChain is actually the 35th most traded cryptocurrency according to OMC. If accurate, then perhaps more people bought into the QuarkChain ICO than previously suspected – an initial coin offering which was rated highly, and gained a lot of exposure at the height of the ICO madness.
That’s not an underhanded criticism of Quarkchain, which is launching the v1 version of its mainnet at the end of the month (April 30th), and has hit several roadmap milestones already. In short, QuarkChain is still around from the heady days of the ICO peak, and maybe that’s worth something in itself.
Check out this primer on QuarkChain, containing an overview of the team, project goals, and progress thus far. Since launch in the summer of 2018, QKC’s value has only fallen in line with the rest of the market. The current coin price in the $0.04 range is seven times less than the price at which it commenced trading.
TittieCoin is ranked as the 29th most traded cryptocurrency according to OpenMarketCap, yet it is barely even listed on CoinMarketCap. Perhaps this is due to confusion over the coin’s ticker, which is denoted as TTC or TIT depending on the source.
Assuming the coin’s near $10 million trade volume is accurate, that would place it well ahead of the likes of Dash, Verge and Augur by trade volume. This surprise showing from TittieCoin might be explained by the coin’s persistence since launch five years ago in 2014.
TTC is only traded on Bittrex according to OpenMarketCap, with no other markets hosting the coin. The project website describes an adoption of the PivX codebase, which has seen TittieCoin set itself up as a masternode coin in recent times, offering rewards to wallet stakers and masternode operators.
Also described is ‘Tittie Island’ – a proposed future resort powered by the TIT currency. Given the lack of exchange support for this coin, and the general silliness of the the island concept, give this a wide berth.
Disclaimer: The author does not own NEO. He 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.