What Crypto Correction? Three Top-50 Altcoins – STEEM, ONT, XIN – Up 20%+
Despite a wild 24-hour period that saw the entire cryptoasset market temporarily dive by US$50 billion, three cryptocurrencies that rank among the top 50 (by market cap) have recorded 20-30% gains: Steem (STEEM), Ontology (ONT), and Mixin (XIN). Let’s explore what is underpinning these contrary price movements (all at time of writing).
Steem (STEEM); +30%
It appears the driving force behind $STEEM’s appreciation over the past 24 hours is the fact it was listed by Huobi Pro on Thursday (deposits made available on Wednesday). STEEM has been made tradeable against Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Launch of Steem (STEEM) on Huobi Pro!
Deposits will be available from 13:00, April 25 (GMT+8).
Trading will be available from 13:00, April 26, 2018 (GMT+8).
— Huobi Pro (@Huobi_Pro) April 25, 2018
Before the Chinese government banned local exchanges from operating domestically, Huobi was considered the nation’s largest crypto exchange. It’s since rebranded to Huobi Pro; falling under the Huobi Global parent entity. Huobi Pro is almost always among the top five exchanges for 24-hour trading volume (USD).
Ontology (ONT); +20%
Ontology, the NEP-5 token operating on the NEO blockchain, has experienced strong buying support on Thursday. This appears to be a continuation of Wednesday’s sharing of the release of Ontology v0.7 and the testnet of Polaris.
We just released Ontology v0.7 and Public TestNet Polaris: https://t.co/Vrukbr90Pb. Updates: new CLI module, WebSocket subscribe function, event push filter, new Wasm APIs, smart contract pre-execute, interoperability across VMs, NeoVM v0.7, Doc. Center, SmartX, and more. $ONT
— Ontology (@OntologyNetwork) April 25, 2018
Ontology also recently tweeted a link to a presentation (14min 36sec) by their Global Development Manager – Mathias Glintborg – at LendIt FinTech USA (April 9-11). Being Chinese-based, presenting in the United States would likely have introduced numerous people to Ontology – some of whom may be contributing to this 20 percent spike in $ONT.
Mixin (XIN); +22%
For the Chinese-based Mixin – a messenger that transfers all cryptocurrencies with end-to-end encryption – it looks as though Thursday’s significant gains have primarily been due to it receiving its inaugural listing.
The crypto asset exchange to do so was BigONE; tradeable as XIN/BTC, XIN/ETH, XIN/EOS, and XIN/BITCNY. BigONE is led by its co-founder, Eric Meltzer, a prominent figure of the cryptosphere, and a partner at INBlockchain – China’s largest blockchain investment firm.
— BigONE Exchange (@BigONEexchange) April 25, 2018
$XIN is up ~200 percent over the past week. Whilst not uncommon in the weird world of the crypto market, it’s indeed an impressive gain for Mixin, given its market cap is quite hefty (~$520,000,000) relative to other young altcoins.
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