While the Bitcoin price climbed to within flirting distance of $4,000 on Wednesday, it was the altcoin market which experienced the bulk of the gains.
Waves (WAVES), Stratis (STRAT) and MonaCoin (MONA) all hit between 52% and 72% growth during the twenty-four hour period leading into Wednesday. Like many major and minor alts, coin growth was beyond the rate of the broader crypto market, which grew 24% in the same period.
Waves Price – WAVES/USD
From the twenty-four hour low of $2.99, the WAVES coin valuation climbed 52% in value, up to a dollar price of $4.57. This compounds weekly growth of 145%, and a ridiculous 396% growth since Waves hit an eighteen-month low back in late November.
To give an idea of the turnaround, trade volumes jumped 5,580% from November into December, with $142 million worth of Waves changing hands today alone. That’s up from just $2.5 million a few weeks ago, and is the highest daily volume seen by Waves since the month-long altcoin pump of last April.
Waves has been on the hype train for the last few weeks, releasing an all-in-one mobile wallet app, and building anticipation for the much talked about Vostock ICO – which got underway recently.
Waves holders stand to share in 3% of the Vostock coins via airdrop, and many investors may be trying to maximize their Vostock holdings by accumulating Waves.
Stratis Price – STRAT/USD
STRAT coins outperformed even Waves in the last twenty-four hours, gaining over 63% on its value since last night’s low of $0.753439. By Wednesday afternoon the dollar value of STRAT had climbed to $1.23 – a new monthly high, and one which clears losses taken by Stratis in November.
Trade volumes are up 2,602% in the last few days, rising from $700,000 up to the $20 million recorded on Wednesday. BTC and KRW trades took up over 90% of the total volume, with Binance’s STRAT/BTC market taking up more than 50% alone.
MonaCoin Price – MONA/USD
The little known alt, MonaCoin, has been around since 2013. On Wednesday the coin stuck its head into the market cap top hundred with a 72% growth surge. That took the MONA dollar price from $0.505580 up to $0.874494 – all within less than a day.
Trade volumes were up 700% for the day as MONA changed hands predominantly with Japanese yen (JPY). In fact, in a rare occurence of Japan-centric trading, over 92% of daily trades came from the MONA/JPY pair on the Bitbank exchange.
Overall volumes are up 8,321% since Monday, but the $16 million worth of MONA traded on Wednesday is still some way off the all-time high up in the $140 million range.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.