Markets have been pretty grim viewing over the past few days however they have started to show some signs of life during this morning’s Asian trading session. Bitcoin has remained above $7,000 and is inching towards $7,200, up 3% on the day. Ethereum is still getting crushed but most of the altcoins are in the green again this morning. One or two are doing exceptionally well and the leader of the moment is VeChain.
According to Coinmarketcap VeChain is trading almost 29% higher this morning, leading the way in the top 25 altcoins. From around $2.27 this time yesterday VEN has jumped to a daily high of $3 before falling back a little to $2.90. Over the week it has remained at around the same level and has remade all losses from its weekly low of $2.15. Against BTC VeChain is up 26% to around 41000 satoshis from a level of 32500 sats this time yesterday. Over the week VEN has climbed around 8% against Bitcoin from a level of around 37850 satoshis this time last week.
The recent spike in Southeast Asia has been caused by a new exchange listing which usually has this effect. According to their Twitter feed VeChain is about to be listed on Bithumb, South Korea’s largest exchange.
Asian traders are getting their daily dose of fomo by getting into VEN before the exchange listing. At the moment it is traded predominantly on Binance which has 60% of the daily volume. That trading volume currently stands at $120 million, or 16,780 BTC. VeChain is ranked at 16th in the market cap charts with a total capitalization of $1.5 billion.
Crypto markets as a whole are still very bearish however have risen slightly over the past 24 hours. This time yesterday the total cap was around $259 billion, today it has climbed 2% to $264 billion. Other altcoins enjoying double digit gains in Asia this morning include Nem, Binance Coin, Lisk and Verge.
More on VeChain can be found here: https://www.vechain.org/
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 fundamentals.
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