The market has seen a great push towards price gains as May rolls in. The leading coins are trading in the green too, but these three coins represent the best coins this week.
IOTA (MIOTA) replaces TRON in 9th position
IOTA has regained the 9th spot on the market rankings after replacing TRON, a crypto that had dominated much of the upward trend last week. Now IOTA is firmly in place with a market cap of $6.5 billion compared to TRON’s $5.7 billion.
This comes about as a result of a strong push in trading volumes and an overnight price gain of 11%. The big change sees its price go past $2.30. Now projections put it that it could hit $3 before long.
What has aided the IOTA push?
There seems to be an increase in demand for MIOTA, and this time it may not be from the usual culprits of hype and speculation by day traders. With all that is going on, IOTA could be set for an extended period of growth due to other factors.
The first of the positive news is that MIOTA will now be traded on Huobi Pro starting May 3, 2018, at 16:00 (GMT +8). The main announcement by Huobi states that:
“IOTA (IOTA) will be launched on Huobi Pro on May 3, 2018 (GMT+8). Deposits will be available from 16:00, May 3 (GMT+8). IOTA/BTC, IOTA/ETH, and IOTA/USDT trading will be available at Main Zone from 16:00, May 4, 2018 (GMT+8). Withdrawals will be available from 16:00, May 6, 2018 (GMT+8).”
The exchange is also running a promo that will see IOTA holders rewarded for trading on the exchange. The top 2 winners will each get 5000 and 4000 MIOTA respectively. This listing is expected to push volumes even further and propel IOTA up the charts.
Additionally, IOTA will be listed on Cobinhood on May 4, 2018, adding to the growing list of cryptocurrency exchange sites adding the coin.
In another development, the IOTA foundation has launched a new IOTA ecosystem that aims to support developers. Combined, these events are driving demand for MIOTA and price will continue to rise into the foreseeable future.
Bitcoin Cash (BCH) continues to rally with LBX listing
If there is a coin with recent resilience on the market, then it’s Bitcoin Cash. It has been on the receiving end of negative news for the last few days. But now it seems all that negativity may not have affected the coin’s upward trajectory. Though the surge had been slowed down by the controversy surrounding Bitcoin.com, the coin is expected to recover strongly going forward.
What’s likely to drive BCH further?
Being added to the London Block Exchange seems to have resulted in a spike in trading volumes for the coin. Opening up BCH for access using fiat on-ramp complements its availability for cash, especially in a new market other than the high volume Asian markets. Now users in the UK will have the opportunity to buy the BCH cryptocurrency over the counter (OTC).
Bitcoin Cash is also set to undergo a fork mid-May to create a new crypto Bitcoin ABC. From previous such events, investors have been known to buy more of the current coin and holding them in the hope of getting free ones during the fork snapshot. If the trend is observed, then we will see the price of BCH rally to new heights.
BCH currently trades at $1496 against the USD and has a market cap of $25.3 billion. The crypto has seen $1.2 billion worth of the native currency traded, surpassing the previous day’s volume of $1.1 billion worth of BCH traded. Experts predict that the coin has the capacity to rally to about $3000 by year’s end. Despite the Bitcoin row, Bitcoin Cash could be the best coin to hodl in 2018.
Golem is among the cryptocurrencies that launched their Mainnet in April and have been riding on the positive aura around it.
The crypto is one of the biggest price gainers on the market with a 24-hour spike of +55% to trade at $0.866 against the US dollar. Over 7 days, GNT has grown in value by +65%. Among the top 50 cryptocurrencies listed on conmarketcap.com, only Ontology and Aeternity have a better 7-day price growth that Golem.
Why the interest in GNT?
This stellar performance relates to the growing belief that the project represents a genuine platform with a future. It’s part of a star-studded cast at the Ethereum Development conference in Toronto, an event that will see the likes of Buterin, Gavin Wood, and Joseph Poon speak.
The launch of the Golem mainnet brings closer the “supercomputer” possibility envisioned by the project developers. The excitement around its network could be driving interest and increasing volumes.
Similarly, the prices could be benefitting from the same. With the network in place, users will be able to rent computing power from others. Those who use it will pay, while those that provide the computational power will be paid. Developers are also offered a great chance to monetize their projects while benefitting from plenty of computational power.
The continued price growth could likely see GNT hit the $1 price level before the end of the week. It’s definitely one of the coins to watch.