Tuesday, May 28, 2024

    No digital hangover for revolutionary altcoins

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    Many of the bigger cryptos have been relatively flat over the festive period with little movement from the top five. Bitcoin has been hovering around the $14,000 level since December 23 and has only made slight upward movement during the Asian trading session today. Ethereum has been in a similar sideways channel around the $720 level for the same period and Litecoin has been stuck at $275 since the 24th. Bitcoin Cash moved up $200 to rest at its current level of $3,000.

    There have been a few clear winners though as the top coins took a rest for the holidays. Using Coinmarketcap’s 24 hour change indicator anonymous and private crypto Zcoin appears to be leading the pack with a 45% price increase in the past 24 hours. It sat at around $75 since around the middle of the month before spurting to an all-time high of $170 a few hours ago. The market quickly rebounded but XZC is still trading high at $140. Anonymous privacy based coins such as this, Monero, and Verge have been in demand recently.

    Dent, a relative newcomer to the cryptocurrency scene, is also doing well during this morning’s trading. This altcoin aims to decentralize mobile data and do away with international roaming charges that carriers impose on mobile users. The Hong Kong based crypto has jumped 35% in the past day and is currently trading at around $0.03 which makes it a good potential runner to go further.

    Another relatively unheard of coin, Aion, is also having a good day. This one aims to facilitate seamlessly integrating dissimilar blockchain systems in a multi-tier hub-and-spoke model, similar to the internet, according to the website. Aion is up almost 40% on yesterday’s price and reached an all-time high of $6.43 a couple of hours ago.

    Enigma is up 36% on yesterday, it is a second-layer, off-chain network that aims to solve the two biggest problems for blockchains: scalability and privacy. ENG reached a record high of $3.5 a few hours ago after trading flat at $0.6 to $0.9 for most of the month. RaiBlocks is also getting a lot of attention at the moment, up about 35% and trading at a peak of $7.40 at the time of writing. Similar to IOTA it aims to revolutionize the blockchain into a crypto-architecture known as “block lattice” that does not require miners.

    Other altcoins shrugging off their digital hangovers today are Skycoin, ICON, Binance Coin, and the Ripio Credit Network. Trading in Europe and the US later today will determine whether these are pump and dumps or the revolutionary crypto currencies really are starting to take over.

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