Today, Wednesday the 9th of January 2019, found several of the top 100 cryptocurrencies in the green as reported by Coinmarketcap.com. The King of Crypto – Bitcoin (BTC) – is currently trading at $4,059 and up 1% in the last 24 hours. Ethereum (ETH) on the other hand is firmly back in the number 2 spot with a current value of $152. A cool $900 Million in market cap separates ETH from XRP which is currently valued at $0.368.
Today’s Double Digit Gainers
It is with the resurgence of Bitcoin from $3,800 levels to the current value of $4,059 that has spearheaded the crypto markets to gain $7 Billion in total market capitalization since Sunday 6th January. At the moment of writing this, four top 100 cryptocurrencies are exhibiting double digit gains due to the current positive ‘mood’ in the markets. They are:
- Tron (TRX) – 9.98%
- VeChain Thor (VET) – 10.59%
- ChainLink (LINK) – 11.95%
- Holo (HOT) – 16%
A screenshot of their market performance as seen on coinmarketcap.com can be found below.
Fundamental Reasons for the Gains
Looking at TRX, the digital asset has had some momentum ever since the Tron Virtual Machine went live last October. What then proceeded, was several technical developments such as an increment of DApps on the network and BitTorrent announcing its native token on the Tron Network only days ago. The launch of BTT on Binance launchpad will further push Justin Sun’s vision of decentralizing the web as envisioned via Project Atlas. There is also the NiTRON summit in San Francisco on the 17th and 18th of this month.
When we observe VET, the crypto had more or less stagnated in the crypto markets through the holiday season. Many crypto traders had believed that the digital asset had bottomed out and was ripe for a move up. The current market conditions have provided an ideal environment for the digital asset to thrive. The same can be said with respect to ChainLink (LINK) and Holo (HOT).
In the case of HOT, Weiss Ratings had given it two thumbs up by stating that its network is a perfect model of how distributed ledger technology should be. The November tweet by Weiss Ratings can be found below.