Last week saw a bit of drama with cryptocurrencies price movement. Bitcoin still remains the top cryptocurrency in terms of market capitalization and daily traded volume. However, this pace-setter status didn’t necessarily place bitcoin among the best performing coins of the week which ended on Saturday 21st of September, 2019.
Among the top 20 most popular cryptocurrencies in terms of market capitalization, we obtain a list of top 5 performing coins which made significant gains within the week in descending order of percentage gain in price movement.
Top 5 Performing Coins
STELLAR (XLM): Stellar was the best performing coin of the week with a significant percentage gain of 16.25%. The coin particularly made massive gain within the week when alt coins began to push up the charts in a period which many confused as the beginning of the long-awaited alt season. The coin started out around $0.04 per unit on the 15th of September and had moved up about 50% by Thursday when it touched $0.087 per coin. However, when the short bull markets ended, the price dropped and the coin now trades at $0.068.
IOTA (MIOTA): appearing second on our list, MIOTA, according to stats on CoinMarketCap (CMC) is the 17th largest coin by market capitalization. It records a market cap of $777.51 million and maintains it’s daily trading volume at $6.01 million as at the time of writing this piece. During the course of the week, the coin had gained 12.26% making it the second higher gainer immediately following XLM. MIOTA, like XLM, got a boost within the week. Surging up to $0.31 per coin, MIOTA had moved up by 29.16% on Friday and had also corrected since then. MIOTA presently trades at $0.279.
Ethereum (ETH): presenting trading at $208.51, ethereum gained about $10.29% during the course of the week. Ethereum was a major coin to watch during the mid-week price stunt we saw coins like XRP spring to live and stirred hopes. Eth is still the second most popular coin by market capitalization and still retains the recognition of the only coin mounting a significant pressure on BTC. Within the week, Eth was seen to gain market share significantly by increasing its market dominance which now looks forward to touching 10% soon. Market cap at the time of writing is $22.49 billion and daily trading volume sits at $7.73 billion with the last 24 hours.
TRON (TRX): TXR is perhaps the coin whose underlying project has seen the most significant progress recently. The coin makes our list as it recorded a tangible 6.87% within the last 7 days. As the 13th ranked coin on CMC, TRX usurps competitors like BNB, XMR and BSV to make it to the top five gainers of last week. TRX’s most significant moment of the week was touching $0.018 on the 18th of September before finally correcting back to its present price of $0.0169. Market cap is at $1.11 billion while trading volume hovers around $668.14 million.
EOS: EOS recently made topped a China’s list of best cryptocurrencies, towering above others like Ethereum on a list that BTC didn’t even make a top 10. Although accumulated gain for the past week isn’t so tangible, it is however not insignificant. Gaining merely 6.24%, EOS features in our top 5 list of top gainers. At the moment, EOS is trading at $3.78 and has a market capitalization of $3.53 billion.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.