The number of digital currencies valued at $1 billion or more has swelled to 30 this week, a leading indicator of growing demand in the cryptocurrency market. On Tuesday, three lesser-known altcoins stood out from the pack: 0x, Bytom and Populous. Each currency was up double-digits percentage-wise at the start of Asian trading.
On Tuesday, the best performing crypto assets were all outside the top-30. Digital currency 0x, which trades under the symbol ZRX, surged 12.8% to $1.77. That appears to be its highest level since January. The gain has given 0x a total market capitalization of $931.2 million, with 24-hour volumes approaching $50 million.
Known as “the protocol for trading tokens,” 0x enables ERC-20 assets to be traded on the Ethereum blockchain. The project has already gone through dozens of releases since its ICO last summer. Interestingly, it raised $775,000 through a Simple Agreement for Futures Token (SAFT) sale, according to a recent Form D filing with the U.S. Securities and Exchange Commission (SEC).
The value of BTM rose 13.9% over the past 24 hours to trade at $0.844. However, the cryptocurrency is trading well below its peak of $1.17 on Apr. 23.
Like other altcoins, Bytom has been eyeing the $1 billion mark for the better part of a month. The Chinese platform, which aims to streamline the tokenization of real-world assets and enable their trade on and off the blockchain, is currently valued near $833 million. Bytom’s performance seemingly defies a modest token raise last summer of less than $2.3 million.
The Populous project has been on our radar before. On Tuesday, Populous coin (PPT) jumped 13.9% to $21.50. Unlike ZRX, the gain was not part of a milestone rally, as PPT had traded sharply higher in recent weeks. Prices peaked near $30 a coin on Apr. 21, which may have been the height of the latest buying frenzy.
0x, Bytom and Populous are currently tanked 31st, 36th and 37th by total market cap. Together, they are part of a much broader altcoin universe that is today valued at more than $282 billion, according to CoinMarketCap. That represents 64% of the total market, with bitcoin accounting for the remainder.
Altcoins have doubled in value over the past month as speculative money returned to the cryptocurrency market. These alternative coins were among the hardest hit during the first-quarter slowdown, as bitcoin grew its market share to around 45%.
The number of tokens flooding the market appears to have slowed in recent months, as regulatory uncertainty and an overcrowded arena dampened investor appetite. According to latest data from CoinMarketCap, there are 1,598 cryptocurrencies in circulation as of Tuesday. Roughly four in five have derived actual value from trading and overall market activity.
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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