Market data as of 10:19am, 1 June 2018.
Disclaimer: The views and claims expressed here are not meant as an alternative form of investment advice. Every investment move involves risk, and you should consult professional financial advisors for guidance or conduct your own research before making a decision.
Binance Coin (BNB)
Price: $12.48 to $14.40 (▲15.37%)
Volume: $44,795,700 to $99,680,900 (▲122.52%)
Cap: $1,416,598,097 to $1,642,479,681 (▲15.94%)
Today, the top two gainers in the top 100 coins are exchange-based tokens. There is a strong correlation between these tokens and they are both up by almost the same exact percentage points.
The price movement of these tokens is typical in the cryptocurrency industry when sentiments in the market are starting to pick up. Previous patterns suggest that after a period of market downturn, investors are stocking up on these exchange tokens as they prepare to make big trades. The reason being, that these coins provide discounts for traders who use them to pay for their trading fees.
This serves as a good signal that more liquidity will be entering the market in the coming days. It would not be a bad time to stack up on coins that you are bullish on right now.
Huobi Token (HT)
Price: $3.80 to $4.38 (▲15.27%)
Volume: $72,701,200 to $123,512,000 (▲69.88%)
Cap: $189,673,258 to $218,856,375 (▲15.38%)
Similar to what we talked about for Binance Coin, Huobi Token moving up signals impending liquidity in the market over the next few days. It is a good signal for bag holders.
Price: $0.474120 to $0.535282 (▲12.90%)
Volume: $15,754,100 to $16,897,000 (▲7.25%)
Cap: $270,502,351 to $306,220,938 (▲13.20%)
Next on the list, we have another exchange-type asset. Loopring is a protocol for decentralized token trading. Again, this is another sign that investors are looking to start making trades soon.
The Loopring team has also announced that they have made significant progress on their protocol on the NEO and Ethereum netowrks, as well as their web-based wallets, which is a step forward for the protocol.
Price: $2.16 to $2.41 (▲11.55%)
Volume: $2,359,840 to $7,043,190 (▲198.46%)
Cap: $165,756,008 to $306,220,938 (▲84.74%)
Ethos has been teasing their wallet launch for some time this month. The team is also putting their money where their mouth is as they will be using their Universal Wallet to conduct company-wide payments for their staff. If the process proves to be successful, it proves their use case.
ETHOS had a strong run up in April but the price has since come down to more reasonable levels. As more trading volume is coming in, it might signal some upward price movement for the coin in the days to come.
Price: $0.011999 to $0.015040 (▲25.34%)
Volume: $80,870 to $620,288 (▲667.01%)
Cap: $22,496,949 to $30,080,000 (▲33.70%)
Sentinel just announced claims that they are the 1st platform to successfully enable user-hosted nodes to provide routing that is able to bypass the extensive firewalls of China. This is an exciting development for their use case of decentralized VPN services.
We are already seeing a big increase in trading volume of SENT. While that is mainly because the previous trading volume was relatively very low, the price movement being in line with such exciting news is to be expected. Keep a lookout for SENT as their dVPN continues to roll out.
(Market data source: CoinMarketCap)