Cryptocurrency Market Update: 0x (ZRX) Surging 20% on Coinbase Rumors
Following the pump from the lowest dip of the year on Friday, crypto markets have been relatively stable over the weekend. Total market capitalization has remained above $250 billion but further upward momentum could not be found. Better news is that they did not collapse again back to a deeper dip, though this could still be possible.
Bitcoin failed to break through key resistance at $6,400 and has fallen back marginally to $6,340 showing no gains or losses over the past 24 hours. Ethereum has also stalled at its current level of $450 forming a consolidating triangle according to the technical analysis. Altcoins are mostly in the green with some showing good gains this morning in Asia. These include Cardano, Iota, Neo, Nem, 0x and Verge.
According to Coinmarketcap ADA, IOTA, NEO and NEM are the best performing altcoins in the top 25 all posting gains of just over 5% at the time of writing. All four of these however have taken the heaviest hits during the past month, falling harder than many of their digital brethren. It is usually the case that these ones are the first to bounce back after a big drop.
Further down the list one token making big moves at the moment is 0x. Zero-ex is currently up 20% on the day to trade at $0.91 from $0.76 this time yesterday. This decentralized exchange protocol has also suffered during the bear rout but is recovering quickly. 0z has made 38% over the past week climbing from $0.66 but is down 30% on the month falling from $1.28. Against BTC 0x is up 19.5% on the day to 14240 satoshis and over the week this token has made 32% on Bitcoin from 10800 satoshis.
Eventually decentralized exchanges, or DEXes, will rule crypto land and tokens such as 0x may be used to facilitate cross chain exchange. Being priced under a dollar makes ZRX a good altcoin to get into at the moment and traders are picking it up right now. There have also been unsubstantiated rumors of a Coinbase listing which always pumps an altcoin.
Binance currently dominates ZRX trade with around 42% of the total volume. Bithumb and OKEx are also popular exchanges for this token. Total trade volume has actually fallen over the past 24 hours from $21 million to $17 million however signals are good and it is climbing again. 0x currently has a market cap of $480 million ranking it at 27th spot.
Total cryptocurrency market capitalization has remained flat over the past 24 hours at $255 billion. Likewise with volume which is currently around $14 billion. Markets are marginally higher than their $250 billion level this time last Monday but are still way down on the month. Aside from ZRX, Verge is making good gains today up 10% as is Populous and Status.
More on 0x can be found here: https://0xproject.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.