These 3 altcoins are at the center of a double digit profit recession
Bitcoin comes to an end in another week that saw prices drop to nearly $ 30,000 while several small cap altcoins managed to break out of the bearish attack and generate double-digit profits before traditional markets close.
Data from TradingView shows that the top movers for the past 24 hours have been NEM (XEM), Augur (REP) and TomoChain (TOMO).
Most of the altcoins that have skyrocketed are Layer 1 protocols, an interesting development that comes at a time when the price of Ether is struggling below $ 2,000 and the community is eagerly waiting to see if the upcoming London is coming Hard fork can improve process in the network.
NEM / USDT
Data from TradingView shows that after a month with an average 24-hour trading volume of more than $ 50 million, demand for the token spiked on July 16, when the volume rose nearly $ 630 million and the price spiked from $ 0.163.
4-hour chart VIEW / USDT. Source: TradingView
The price hike followed the July 13 announcement that Symbol (XYM), an enterprise blockchain protocol developed by the NEM team, had agreed to a project in partnership with the Colombian government.
REP / USDT
According to data from TradingView, REP price started rising on July 13 after 24-hour trading volume rose from a daily average of $ 17 million to over $ 665 million on July 14.
REP / USDT 4 hour chart. Source: TradingView
Due to the surge in trading volume, REP price jumped 57% from a low of $ 14.6 on July 13 to an intraday high of $ 25.7 on July 17.
TOMO / USDT
The third biggest upside on July 16 was TomoChain, a blockchain platform that supports instant transaction processing as the ideal solution for Tomoapp and decentralized applications on Geth to solve the scalability problem of blockchain platforms, especially Ethereum.
TOMO / USDT 4 hour chart. Source: TradingView
Data from TradingView shows that TOMO’s trading volume shot up from 58.6% to $ 33 million in 24 hours, up more than 31% from a low of $ 2.09 on July 13 to a high of 2.74 at the time of writing.
According to Cointelegraph