Sunday’s Top Performers: DEX, aelf, EOS, MaidSafeCoin, Bytom
About a dozen cryptocurrencies reported double-digit gains on Sunday in the wake of another steep selloff that drove coin values to their lowest in over a year. The crypto market as a whole is down nearly $100 billion from month-ago levels, leaving little doubt as to the direction of the underlying trend.
Below is a brief rundown of the day’s top performers, as per CoinMarketCap. It remains to be seen whether the latest rally attempt is merely a dead cat bounce or the beginning of a more sustained recovery from oversold levels.
In terms of top gainers, no other coin outperformed InstantDEX (DEX) on Sunday. The coin’s value has whipsawed over the past two days, and is currently riding an 87% gain over the past 24 hours. At last check, it was valued just over $0.02 on trade volumes of less than $30,000.
InstantDEX is a decentralized exchange that claims to offer “near real-time trading between cryptocurrencies.” The coin is ranked 95th by market cap but doesn’t have much of a web presence. Its spot market is dominated by Coinbit.
Aelf (ELF) is another relatively low-ranked cryptocurrency to outperform the market on Sunday. ELF coin has gained 18.3% over the past 24 hours to reach $0.1244. The coin is available on some of the world’s top exchanges, including Bithumb, Binance, Huobi and Upbit. Daily trade volumes exceeded $6.3 million on Sunday.
Aelf is a decentralized blockchain network powered by the cloud. It operates full nodes on cloud servers and prioritizes resource segregation, which means each smart contract is run on a separate blockchain.
After falling all the way to no. 8 in the market cap rankings, EOS rebounded sharply on Sunday to retake the no. 7 spot away from bitcoin SV. With a market cap of $1.87 billion, EOS is trailing Tether by less than $15 million and bitcoin cash by roughly $70 million.
EOS gained 17.8% on Sunday to reach $2.07. The project nursed heavy losses during the past week even as Coinbase announced it had short-listed EOS for future consideration. EOS certainly hasn’t been immune from the crypto downtrend, having lost a staggering 72% peak-to-trough over the last month.
The 55th ranked MaidSafeCoin (MAID) jumped 17.1% on Sunday to $0.01601, which helped to offset last week’s slump. MAID is one of a small handful of coins to register gains over the past week. By comparison, non-stablecoin in the top-20 lost between 4% and 36%.
MAID is the decentralized currency for the Safecoin network, which seeks to provide a sharing economy for digital resources like disk space, processing power and connectivity. According to the official website, the project originated prior to the blockchain revolution.
The price of Bytom (BTM), a Chinese tokenization project, climbed 14% to $0.07614 on Sunday. The project ranks 52nd by market cap with a total value of $76.4 million and daily trade volumes of around $2.5 million.
At this time last month, the BTM token was trading near $0.0200. The coin has lost 60% over that stretch.
Unlike many of the projects established in 2017, Bytom has a clear and ambitious roadmap, which includes major ecosystem and business milestones in the new year. As the website states, the Bytom chain can host “any peer-to-peer financial applications and asset applications,” including institutions and individuals.
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.