Why do certain altcoins moon? It’s a question that all crypto holders have pondered at some stage while enviously eyeing the ascent of a token that wasn’t even on their radar, let alone their portfolio. If the performance of obscure tokens in a bull market is discombobulating, how to explain such breakouts in a deep bear market? Over the last seven days, a minority of digital assets have inexplicably posted impressive gains.
Market Goes Down, Random Coins Go Up
Over the past week, while the crypto market was shedding half its value, a handful of coins picked the worst time to perform their best. These obscure low cap and low volume cryptos witnessed the sort of gains that haven’t been seen since the halcyon days of 2017. In hindsight, these coins would have provided a rare chance to profit in this most turbulent of weeks. However, the devil is in the details, as they say, and on closer inspection, not all of these gainers were as profitable as their percentage increase would suggest.
This Week’s Best Performing Altcoins
You’ve probably never heard of Finexbox, a Hong Kong-based P2P exchange, any more than you’ll have heard of The Stone Coin (TSC). If the data is to be believed, however, TSC is up 17,700% for the last seven days, thanks to $45M of trade on Finexbox. Your skepticism is warranted.
Uranus (URAC) is another coin that’s inextricably enjoyed a good week. The token which puts the ‘ass’ in digital asset is up 580% for the week, thanks to steady trading on Bittrex and Hotbit.
