When Bitcoin [BTC] dropped below $6000 at the beginning of August, the altcoin market began to take a beating. Major coins were showing drops of more than 30%, and Ethereum [ETH] dropped below $300. However, some coins have beat the trend and emerged victorious, with some coins posting profits of more than 50%.
Ontology [ONT] was the star of the rallies that took place over the last week, posting a 7-day rise of 61.5%, with 14% over the last 24 hours. The coin is currently trading at $2.42.
The cryptocurrency is currently undergoing its Mainnet launch, with investors trying to ride a moonshot. Elias Yami, a cryptocurrency analyst, stated:
The coin was at $1.50 on 13th August. However, the market moved from $1.60 to $2.11 on 17th August, quickly shifting to a price of $2.40. It hit a high of $2.80 on 18th August, going down to a low of $1.8. Before settling to trade at current levels, the price hit a peak of $2.67.
“The low price of ONT, even now, makes it look like a lucrative opportunity for investors. However, new players should realize that FOMO-ing into the rise is not going to be an effective investment. Caution must be exercised post the mainnet launch.”
Currently, the coin is ranked at #25 on CoinMarketCap with a volume of $210 million.
VeChain, after its shift to the VeChainThor platform, was the second largest gainer in top cryptocurrencies. The coin ended up with a growth of 55.21% over the past 7 days, and 13.06% over 24 hours. It is currently trading at $0.014.The coin started the week at a price of about $0.008 on 13th August and then hiked to $0.01 on 16th August. This was followed by a further rise to $0.014 on 17th August, with the price holding a constant level.
It dropped down on 19th August to $0.011, with a rise yesterday to $0.012. Currently, the coin has a market capitalization of about $789 million and is ranked at #19 on CoinMarketCap.
Tezos’ XZT token also posted admirable results in the last week, but more surprising ones earlier today. The coin had a profit of 8.7% in 7 days but has increased by 13% in value in the past 24 hours. It is currently trading at $1.56.The price of the token has increased from last week’s opening price of about $1.43 on 13th August after a slow rally from the low $1.30 to a current value of $1.61 after the spike.
The XRP token is one of the few top altcoins that pulled its weight during the recovery rally. It has gained 11.67% over the past week, and 2.5% in 24 hours. It is currently trading at $0.33.
The token’s price on 13th August was $0.30. It saw a low of about $0.26 until August 15th, where it shot to $0.28. The coin then proceeded to hit a high of $0.37 on 18th August, dropping slowly to $0.31. It rose to a price of $0.35 on 19th August and is trading at $0.34.
Currently, XRP is ranked at #3 on CoinMarketCap, with a market cap of $13 billion. The trading volume of the currency is around $361 million.
Even as altcoins seem to consolidate their position, the dominance of Bitcoin over the market is still over 50%, sitting at a dominance percentage of 52.0%. While the market has still not seen the “flippening” that many Bitcoin maximalists will, the dominance is beginning to further to divide between the first cryptocurrency and others.
Subscribe to AMBCrypto’s Newsletter
Central bank cryptos will follow after being battle tested by corporations, says PwC’s Pauline Kalfon
Facebook Coin’s plan to overhaul the US Dollar falls short of conviction
WaykiChain [WICC], Blockchain Industry Delegate, with over 150 Top Global Firms Attends China Development Forum [CDF] 2019
Ripple’s class-action lawsuit takes a step further as court sets schedule for next year
BitMart Labs Hosts China Digital Economy Global Innovation Forum, Dedicated to Boosting China’s Blockchain Market
Flash hike: Qtum skyrockets by over 36% in 1-hour after Apple Pay & Samsung Pay announcement
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitcoin Cash [BCH] developers introduce privacy-protecting lightweight protocol, Neutrino
Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline
Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency
Stellar and IBM’s World Wire gets another boost as MatchMove joins service
- Press Release
Blockchain technology in the Utilities and Energy Market explored at the Blockchain Expo London
CFTC Commissioner: Regulated cryptocurrency market could attract institutional investors