While Bitcoin has made a strong move and surpassed USD 19,000, alts below $1 fancied their rally as the best performers among the top 100 this week. Still, their 24-hour trading volume linked is lower than of BTC’s. Here’s the kicker – taking advantage of all the commotion in the Crypto Market, TikTok has snagged an essential role in pumping specific cryptos again.
Among the top 100 coins by market capitalization, those who enjoyed the most in the past day and the past week are those currently (07:40 UTC) worth less than USD 1. Observing these coins combined, their average change is over 13% in a day and 30% in a week.
We can now relate these numbers to 6% and 27% for those coins worth between USD 1 and USD 10, while the numbers are jumbled in the case of the USD 10-100 club (8.6% and 25%) and are lower again in the USD >100 categories (less than 6% and 22%).
Separately, the first – the penny token – the category has seen six of its coins rise over 20% in a day, these being Dogecoin (DOGE), Tron (TRX), NEM (XEM), Status (SNT), XRP, and Stellar (XLM), respectively – with the last two being the winners of the 24-hour timeframe. XRP’s up 56% and stellar’s 64%.
Looking at no less than +20% change in the 24-hour timeframe, we find only three coins achieving that outside the penny token list – NANO, Kusama (KSM), and horizon (ZEN), with the last one appreciating the most among the three, but less than the penny tokens’ best performers: 33%.
The situation is similar in the 7-day timeframe. Five coins worth less than USD 1 have appreciated more than 50%, with iota (MIOTA)’s 54% being the smallest change. The highest is stellar’s 112% and XRP’s 1497%. The coins worth more than USD 1, only nano, WAVES, and horizen went over 50%, the last one retaking the crown with a rise of 125.4%. Though horizen beat stellar, XRP remained the final winner of the entire top 100 list.
Simultaneously, according to Coinpaprika data, the combined trading volume of these 35 penny tokens is lower than that of bitcoin alone: USD 32.54bn versus USD 35.1bn. It’s higher than ethereum (ETH)’s USD 22.14bn.
As reported this past summer, several TikTok creators worked to pump dogecoin to USD 1. And it would seem that their interest in the lowest-priced crypto has not waned, as shown in their recent videos, such as this simple one promoting the week’s winner, XRP.
“TikTok is the world’s most sophisticated tool for creating and for tracking virality,” Eric Wall, the Chief Investment Officer of the crypto hedge fund outfit Arcane Assets, adding that this overlaps with the idea that “crypto coins are memes.” Therefore, while the Cryptoverse is
He responded to a previous comment he made back in July when he said that it’s “notable and concerning” that dogecoin is pumping because TikTokers “have made it their life’s mission to pump it to [USD] 1 and are creating semi-viral videos in the process,” as a commenter described the situation. Wall states it’s still both notable and concerning.
Speaking of XRP, according to digital asset data provider The Tie, it was the best performing primary token this week, with its price jumping to a new yearly high of USD 0.47, accompanied by a 320% increase in the number of Twits s about it. “This has caused XRP tweet dominance to surpass ETH for the first time in 2020,” they wrote, adding that,
While some in the Cryptoverse celebrate the arrival of altseason, others are not as convinced.
Some say that retail has occupied space, trying to profit from bitcoin surging and moving to an all-time high.
And others see the trend of chasing altcoin pumps crashing shortly, and the altseason with it.
Nevertheless, as BTC hit USD 19,000 today, most altcoins from the top 100 list corrected their gains.
More notable Twitter reactions from our crypto folks: