Huge spikes in buying and selling quantity despatched the value of XEM, REP and DNT increased at the same time as Bitcoin worth hit a weekly low at $31,000.
Bitcoin (BTC) is on the verge of closing one other week that noticed the value dip nearer to $30,000 however the identical bearish statement can’t be made for all altcoins. On Friday, a number of smaller-cap altcoins managed to shake off the bearish assault and post-double-digit positive factors earlier than conventional markets closed for the weekend.
Knowledge from Cointelegraph Markets Professional and TradingView reveals that the highest movers over the previous 24 hours had been NEM (XEM), Augur (REP) and district0x (DNT).
It is price noting that 4 of the highest seven gainers are layer-one protocols, an fascinating growth that comes at a time when Ether’s (ETH) worth is struggling beneath the $2,000 stage and the group anxiously waits to see if the upcoming London onerous fork improves Ether worth and the method of transacting on the community.
Knowledge from Cointelegraph Markets Professional and TradingView reveals that after a month the place the typical 24-hour buying and selling quantity for NEM was $50 million, demand for the token surged on July 16 as the quantity elevated to $532 million and the value rallied 35% to $0.151.
The uptick in worth follows the July 13 announcement that Image (XYM), an enterprise blockchain protocol developed by the NEM group, had agreed to a collaborative undertaking with the federal government of Colombia.
In accordance with information from TradingView, REP worth started to surge on July 13 after the 24-hour buying and selling quantity spiked from a every day common of $17 million to greater than $521 million on July 14.
Because of the sudden improve in buying and selling quantity, the value of REP rallied 57% from a low of $14.60 on July 13 to an intraday excessive at $22.97 on July 16.
Whereas there isn’t any readily identifiable trigger for the sudden improve in curiosity, a scroll by the Augur’s Twitter feed reveals that forecasting on the community stays energetic with the newest polls asking “Who would win the 2021 Main League Baseball House-run derby?” and “Who will win the Final Preventing Championship struggle between Connor McGregor and Dustin Poirier?”
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The third-largest gainer on July 16 was Distric0x, a protocol that payments itself as a “community of decentralized markets and communities” and focuses on serving to customers launch their very own decentralized autonomous organizations (DAO).
Knowledge from Cointelegraph Markets Professional and TradingView reveals that DNT’s buying and selling quantity spiked from $3 million to greater than $60 million on Friday, which led to a 73% rally from $0.112 to an intraday excessive at $0.193.
On the time of writing the value of DNT had since retraced to $0.133 which represents a 17.35% achieve on the day.
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