Crypto traders do not seem to be missing out on anything today as the mass selloff continues unabated. The markets are still dominated by fear during this morning’s Asian trading session. The wall of red altcoins is looking as imposing as ever as Bitcoin leads the downward charge by shedding over 23% in the past 24 hours. Some of the major altcoins in the top 25 have hemorrhaged over a third of their value in a matter of days.
Finding one in the green is virtually impossible so we have to go way down the list into the realms of obscurity. However there is an altcoin currently outperforming the rest. E-coin is up 250% on the day and it is currently in the middle of what looks like a pump and dump. This time yesterday the ECN token was trading at $7.40, today it is $26.13.
There seems to be no rational reason for this as the Twitter feed for the token has not been updated since September last year and the website offers no information aside from a small notice stating “Thank you for participating in our Perks Program. We’re continuing to work on new ways to make Ecoin better for you. Stay tuned.” So we cannot find any information supporting this spike in price and put it down to bot action or a P&D.
Another altcoin doing well today is XPlay which is up 46%. Trading yesterday at $0.10 the altcoin doubled in price before falling back to $0.15 where it currently trades. XPA is a token based on the sharing of adult content however it appears that the original website now redirects to one for a different blockchain project. Again no news or reason for this pump so we can write it off for the time being.
All other digital currencies are plummeting at the current time, dragged down by big daddy Bitcoin once again. Only when physical blockchain projects are up and running on their own ecosystems and tokens can be traded independently from Bitcoin will we see some free and liberated movement in the altcoin charts.
FOMO Moments is a 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.