The selloff continues as we enter another week in crypto land. Asian trading is all in the red once again and Bitcoin has fallen to the psychologically critical $8,000 level. If support cannot be maintained it could easily plummet even further taking all of the altcoins with it. Looking for a green signal in a sea of red is not easy this morning, and again we find ourselves going beyond the top 25 cryptocurrencies.
There is one altcoin though that has shown some gains over the past 24 hours. Albeit only 2.8% but it is in the green nonetheless. Status is currently trading at $0.21, up marginally on the same time yesterday, it is the only crypto that is doing so, all others are shedding value. Since Feb 2 however SNT jumped almost 100% from a weekly low of $0.132. Its highest value was $0.66 during the first week of January.
SNT is a token for a mobile Ethereum client and messaging platform, a little bit like WhatsApp but decentralized. According to the blurb on their website your mobile device becomes a light client node on the Ethereum Network, enabling you to access Ethereum’s entire ecosystem from anywhere. You can also send and receive ERC20 tokens using the Status network however the platform is still currently in alpha status.
There have been a couple of Tweets about partnerships from the company but no recent news sparking interest in the token. The Status Network Token has a supply of 6.8 billion with 3.4 billion in circulation. It is traded almost exclusively on the South Korean exchange Upbit which has 96% of the total volume.
All other coins in the top 25 market cap chart with the exception of Litecoin have lost double figure digits during a rather brutal trading session in Asia this morning.
More on Status can be found here: https://status.im/
FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.