Crypto Market Snapshot – January 8, 2019

Crypto Market Snapshot – January 8, 2019

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The cryptocurrency market delivered a mixed bag today, with most larger cryptocurrencies seeing sideways movement. There was some more action lower down the cryptocurrency market cap rankings, however, as 6 of the top 100 coins gained more than 10% and 7 of the top 100 dropped by more than 5%. The total market capitalization is up by a very modest 0.1% in the last 24 hours.

Among larger coins, TRX was the major outlier as the token powering the TRON blockchain platform outperformed all other coins in the crypto top 10. TRX is up by 7.8% on the day, and has also been performing very well in the last 7 days (+32%). TRON’s recent rally can be at least partly attributed to the news that BitTorrent (which is owned by Justin Sun) will be launching a token on TRON.

A working draft of the BitTorrent token whitepaper mentions that a portion of BTT tokens will be awarded to TRX holders. Whether justified or not, the allure of airdrops is often a significant driver of cryptocurrency prices, at least in the short term – a recent example was TenX’s PAY token, which saw a price spike when the company announced it will be airdropping the TENX token to holders.

Bitcoin managed to stay above the $4,000 level, peaking at $4,110 in the last 24 hours. Trading volume hit a low of $3.5 billion as the price approached $4,000, but saw an uptick to $4.1 billion as BTC moved towards $4,100. For now, Bitcoin is staying above the levels that preceded its sudden spike on Sunday.

Even though most larger coins had an uneventful day, at least as far as price is concerned, some smaller coins such as LMBD and NPXS displayed extremely positive action. NEO, the 16th largest cryptocurrency by market cap was another strong performer as it gained almost 11%. Here, we should also mention LINK, which is up by a whopping 44% on the last week and also delivered a very solid performance today.

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