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Waves Price Surges 50% While Broader Crypto Market Stagnates


waves crypto price

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Waves, a token platform with the web developer generation in mind, has seen its base token rise nearly 50 percent over the last 24 hours amid a generally-stagnant crypto market, making analysts scratch their heads – what could be driving this?

waves price chart crypto binance
Waves/USD | Binance | Source: TradingView

Aside from the normal hustle and flow of cryptocurrencies gaining wider adoption, we think we might have found the answer to increased demand for Waves — their updated mobile wallet, which now enables credit card purchase of Waves that can then be exchanged across the mobile exchange for Bitcoin and a host of other cryptos.

waves crypto
Source: Author on Android (ZenFone V)

The app currently has more than 100,000 installs in Google Play. As they wrote in their blog on the subject:

“Open the app and you’ll find the most popular features of the desktop client at your fingertips. This isn’t just a wallet by any means. You can trade on DEX, with the great tools and charts you’ve come to expect but with the convenience of mobile. There’s also access to fiat and crypto gateways, so you can deposit, store, trade and withdraw other assets. We’ve incorporated the most popular digital asset management tools from the platform, so you can send tokens to your address book contacts, lease your WAVES, receive warnings about suspicious tokens and burn any spam assets you don’t want.”

waves crypto wallet
Source: Author on Android (ZenFone V)

Unfortunately for US users, you won’t be able to get into the crypto market using a credit card through this app. Coinbase still seems to be the best option for that. Waves Wallet uses Indacoin, which doesn’t support US customers.

waves crypto wallet
Source: Author on Android (ZenFone V)

Like Ethereum, the factors that drive demand for Waves have to do with the tokens on the platform. It has a few successful ones, and a number more in the works. One of its better known and higher volume tokens is MobileGO, which trades higher against Waves than it does against most other currencies.

waves crypto market cap
Source: Coinmarketcap.com

MobileGO is a token used in various mobile games. It can be used both ways – to pay for in-game items and to cash them out. NEO founder Da Feng believes that gaming will be the first aspect of blockchain mass adoption, and the relative success of the MGO token supports the theory.

Whatever the case, Waves is a winner today while much of the market seems stagnant or worse, single-digit gains in the top 10 being celebrated whilst some of the weaker see mild losses.

Featured Image from Shutterstock

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Amun’s Crypto ETP Volume Spikes: Sign Of Bitcoin Accumulation?

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Yet, upon its launch, the performance of Amun’s crypto foray was lackluster at best, dismal at worst. Interest In Switzerland Multi-Crypto ETP Surges As reported by NewsBTC, HODL5, while the most-traded ETP on SIX, saw little-to-zero interest during its first day on public markets, posting an insignificant $400,000 in volume. Such a figure was, of course, a far cry from the millions in volume that optimists were clamoring for. Many chalked up the fleeting interest to a number of factors, namely the fact that SIX has only been classified as Earth’s 13th largest stock exchange, posting a market capitalization of $1.6 trillion, a mere seven percent of the S&P 500. Industry analysts and commentators looking to find a rationale behind the lack of volume aimed their scopes at other nuances. Some attributed the HODL5’s initially scant volume to Amun’s inability to captivate the business and wallets of SIX’s institutional clients, the vehicle’s targeted constituency. Moreover, these skeptics added that such market participants didn’t believe that the crypto market was poised to reverse its multi-month downtrend. However, with a recent tweet from Su Zhu, the chief executive and investment officer at Singapore-based Three Arrows Capital, Amun’s fortunes may actually be turning for the better, despite the further decline in the Bitcoin price. On Thursday and Friday of last week, as BTC freefell to establish a year-to-date low in the $3,200 range, Switzerland’s only ETP surprisingly saw record-breaking volumes, which followed weeks of relative inactivity and mundane action. In fact, Thursday saw traders exchange 53,233 HODL5 shares, and 62,986 on the following day, which amounts to approximately $1.3 million at current prices. This, of course, was a far cry from the 27,244 shares traded throughout the product’s inaugural session. Last Thurs and Fri we broke volume records again on the Swiss HODL ETF with 53,233 shares and 62,986 shares traded respectively. That coincided with the dip in BTC to 3.2k and ETH to near 80. The correlation between volume and price continues to be very strong at (-68%). https://t.co/Meuaa9MXCV — Su Zhu (@zhusu) December 11, 2018 In a subsequent tweet, the crypto-friendly Three Arrows Capital executive explained that there is a “very strong” correlation between volume in price, whereas HODL5 trading surges amid crypto’s incessant stream of strong drawdowns. Case in point, when ETH neared $80 and BTC neared $3,200 on December 7th, SIX processed record volumes as aforementioned. Drawing conclusions from this simple fact, Zhu, a bonafide crypto commentator growing in popularity, noted that “[ETP] buyers have firm levels in mind.” Bitcoin Revisits Year-To-Date Low At $3,200 — Potential Level Of Accumulation Just a week after HODL5 experienced its best day yet, BTC, after another bout of tumult and unpredictable price action, has found itself nearing $3,200 yet again. In fact, at the time of writing, the leading cryptocurrency trades for $3,250 a pop on Coinbase Pro, the essential benchmark of crypto exchanges. If Zhu’s analysis is accurate, and assuming that HODL5’s buyers are representative of the entire trading demographic, Bitcoin could potentially find a semblance of support at current values, as investors seek to cash-in on the crypto craze for the long haul. Other reports indicate have confirmed that investors, are, in fact, scaling into cryptocurrency holdings en-masse. Extensive research recently completed by Diar, a leading crypto-centric data analytics unit, has revealed that the amount of ETH that Ethereum’s top 500 wallets have held has risen by 80% in 2018 alone. To put this growth into perspective, on January 1st, whales kept 11 million Ether under lock and key, as of November 30th, the same group of wallets held 20 million. Although conclusions cannot be drawn from this statistic, optimists have exclaimed that whales are heavily betting on a market turnaround. Still, not all pundits are entirely convinced that this nascent market has found itself at a long-term bottom. Michael Bucella of BlockTower Capital recently told CNBC’s Fast Money panel that Bitcoin has yet to undergo its last leg lower, which will mark the end of crypto’s near-year-long “distress cycle.” Related Reading: Interview: Stephen Innes Says Crypto, Bitcoin to “Grind Higher” Over Next Decade Featured Image From Shutterstock The post Amun’s Crypto ETP Volume Spikes: Sign Of Bitcoin Accumulation? appeared first on NewsBTC.

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