What’s Behind The Monster Rally In Nano (NANO), True Chain (TRUE), Loom Network (LOOM), Dock (DOCK)
Friday sees a host of cryptocurrencies trending bullishly as they try to maximize on the positive market atmosphere. Even the top coin BTC and ETH have gained greatly over the last 24 hours. Of the rest of the bunch, Nano leads the breakout, buoyed by good news from Binance.
Nano (NANO) is trading 15.49% higher over the last 24 hours as it consolidates gains on the back of a Binance competition boost. Currently ranked 23rd, the NANO coin has reached $10.10 against the US dollar after seeing its daily trading volumes increase in the same period.
The altcoin has jumped from $8.45 to the current price, signaling a break out is imminent and it could easily rally to $12.00 before the weekend. Over the last 30 days, NANO has spiked by over 96%, its value rising from $5.2 at the beginning of April.
As the bullish trend continues, NANO bulls will hope the coin has enough support to finally shake off the BitGrail controversy. Helping out is the Binance giveaway that has promised a total of 15,000 NANO to winners who participate between 0:00 A.M on May 4th to 0:00 A.M on May 5th (UTC).
This has seen trading volume increase from $100 million worth of its native coin traded on Thursday, to today’s $128 million. The surge has also propelled its market capitalization to $1.3 billion.
True Chain (TRUE)
True Chain is yet another altcoin with a huge price jump that has seen it top its previous day’s best. Currently ranked 226, it won’t be surprising to find the coin in the top 150 if its super uptrend continues.
As one of the biggest gainers in the early Asian hours, TRUE has spiked by a huge +46% in the last 24 hours to see its price hit $2.42 against the US Dollar.
Its remarkable price gain of +165% in the last 7 days makes it one of the best tokens on the market at the moment. It is amazing that TRUE was valued at just $0.86 against the USD a week ago.
The crypto’s market cap has risen by over 200% in the same period to shoot from just over $20 million to the current $61 million. In terms of trading volume, the altcoin has risen by about 500% from a lowly $49 million worth of its token traded a week ago to the current $300 million.
Loom Network (LOOM)
Currently ranked 61st on coinmarketcap.com, LOOM has also seen a very positive attempt to break out at a higher level. Relatively priced lower than the other two, the altcoin has surged by 39.82% to trade at $0.709 against the USD.
The 7-day price movement sees it gain by +156%, similarly increasing its volume to $151 million from about $98 million worth of its token traded yesterday. In the last seven days, LOOM’s daily trading volumes have skyrocketed, rising from just over $1 million traded a week ago.
The boom in LOOM volume can be attributed to the listing on Binance two days ago. At the time of the listing, the exchange site said that investors could now deposit and trade in the crypto in a number of pairs.
There’s LOOM/BNB, LOOM/BTC, and LOOM/ETH. Being one of the largest cryptocurrency exchanges, Binance is a great site for a hot coin to get massive attention.
Additionally, Kucoin announced that it had reduced withdrawal fees for LOOM, probably aiding in more traffic. Whatever the case is, this altcoin is worth looking at.
This altcoin started trading in late April and has made some tremendous growth over the last few days. Characteristic of new coins, DOCK prices have surged by 45% in the last 24 hours to see its price rise to $0.214 against the US dollar.
Over the 7-day period, DOCK tokens have spiked by 58% to suggest the uptrend isn’t a fluke and is likely to go on over the weekend.
Currently ranked 252nd on coinmarketcap.com, the crypto’s market capitalization has jumped by 100% to move from $25 million to the current $50 million.
In terms of its 24-hour trading volume, there have been $21 million worth of the token traded compared to $1 million on May 1, 2018, and just over $12 million on May 3, 2018. This is almost twice its volume just a day ago.
The increased interest in the DOCK token began with a listing on Kucoin a week ago. However, it looks the majority of traffic relates to the planned update and an airdrop. There also is an ETH giveaway announced a few hours into the Asian trading hours.
The market is looking up and it’s possible many coins will rally to new highs. An investors’ challenge is to identify the best one.