Signs of a swift crypto recovery are slowly fading as altcoins and tokens have so far failed to capitalise on extreme oversold conditions.
But at least two alternative assets, Waves (WAVES) and 0x (ZRX), were seeing sizable gains through the midday session on Tuesday, even though the overall downtrend remains intact.
The cryptocurrency market staged an impressive relief rally through the latter stages of Monday’s session, rebounding some $25 billion off the earlier low. The combined value of all coins peaked at just over $295 billion, according to CoinMarketCap. At last check, the market was back down around $281 billion.
Bitcoin’s share of the overall pie has increased to 66.7%, the highest in over two years. Bitcoin’s growing dominance rate is an ominous sign for altcoins and tokens at a time when blockchain projects are struggling to make due on their lofty ICO promises.
Let’s take a look at two coins that have shown signs of being ready for a rebound.
WAVES, the native cryptocurrency of an emerging decentralised application (dApp) platform, was among the top-performing assets on Tuesday. During the afternoon, it was up 10.9% and trading at a session high of $1.62. The cryptocurrency was up more than 17% from its Monday low before dropping back down to $1.35 on Wednesday.
WAVES was also up 10.5% against Bitcoin to trade at 0.00015461 BTC. At current values, the Waves platform has a total market capitalisation of $135.4 million, where it ranks 46th.
Unlike most of its peers, Waves has experienced dramatic losses in 2019. The coin has lost nearly half of its value since the start of the year despite the launch of a mobile application in December and the recently implemented RIDE update. There was no immediate catalyst for WAVES’ out-performance on Tuesday.
ZRX, the native token of the 0x blockchain, was another top performer on Tuesday, gaining 11.8% to reach $0.2507. The cryptocurrency peaked just north of $0.2600, having gained 25% from its most recent low.
ZRX extended its strong performance against Bitcoin and Ethereum as well. The ZRX/BTC exchange rate climbed 11.5% to 0.00002392. It also rose 16.5% against Ether to trade at 0.00114539 ETH.
However, similar to WAVES, the coin has since experienced a big correction going into Wednesday, and it is now trading around 17% lower at $0.21.
The 0x blockchain has a total market value of $125 million, where it ranks within the top 50 crypto projects. Like most of its peers, 0x faces a short-term bearish bias following the most recent sell-off in the altcoin space. Long term, 0x is appealing for investors who believe in the value of tokenised ERC-20 tokens. The platform provides a protocol for buying and selling ERC-20 tokens.
0x’s decentralised exchange was recently suspended after a third-party security researcher uncovered key vulnerabilities in the smart contract. Will Warren, co-founder of the 0x project, reassured the community last week that the vulnerability “was not exploited and no user funds have been lost”.
Contracts deployed on 0x have also been halted temporarily as developers work to fix the vulnerability.