This Week’s Winners
This week was mostly full of more news about Bitcoin’s price collapsing even further, eventually reaching a low in the $3,200’s. Naturally, this has created an environment where many are bearish on the cryptocurrency sector, but there are still investors who are betting on companies that might move counter (or uncorrelated) to Bitcoin.
The top performer of the week was Veros, which had an almost 500% increase in price over the last 7 days. The volume in the last 24 hours was $490,523, which is lower than the coins we would normally report on, but this was too large a gain to ignore. Veros is an environmental project that is focused on improving our current ecological conditions, and is currently ranked 405 in terms of market capitalization. Over the last 2 weeks, several exchanges have announced their willingness to list Veros, which is likely the cause of the price increase. It was originally started several years ago and linked to COSS, but due to the price run in Ethereum, it became infeasible to grow. Now it seems to be have been rebooted, and is provided no transaction fee funding to ecologically aware companies in need.
Ranked 148 in terms of market capitalization, Republic Protocol yielded a very solid 41.84% gain this week. This large gain in price can be attributed to Binance approving the listing of REN on December 6th. The Republic Protocol is an exchange that occupies as a dark pool, which allows for transactions to occur within a hidden order book. In an industry where privacy is a regular topic of concern, dark pools are yet another way to obscure the amount of a coin you are buying or selling.
On December 8th, Ether Zero experienced a massive gain of approximately 42% that accounts for its price increase over the last week. This is considered much more of an altcoin, with a market cap ranked at 1758. There was no notable news released on that day, on the 6th, another Dapp was released on the smart contract platform. Likely this was a catalyst for investors who were looking for some more proof of concept before putting money in.
Octoin Coin’s 39% increase over the week moved it up to a market capitalization of $256K, which is still very much in the altcoin territory. There was no notable news over the week, and it seems like the coin had significant swings up and down, but this could make it a good coin to watch in the future if you want to make a volatility bet.
DigiFinexToken had a healthy 26% increase in price, ending with a price around $0.145. This altcoin is benefitting from adding another listing to their exchange. MFG was added in the last few days, and it is likely that the run up in price was in anticipation of another coin being added to the exchange.
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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