The Market Remains Flat: Waves Bucks the Trend with a Double-Digit Rally

Jun 8, 2018, 8:32PM
1 min, 21 sec READ

While most of the top 100 assets post flat performance or modest declines today, Waves bucks the trend in the crypto market.

While most of the top 100 assets post flat price action or modest declines today, Waves (WAVES), a blockchain platform dedicated to providing solutions to token storage, bucks the trend. The Waves rally seems to be the result of positive headwinds in the development of the project.

Yesterday, June 7th, the Waves node underwent a major upgrade that introduced something called "Sponsored Transactions" - a term further explained in a Steemit post released by the team:

Sponsored transactions replace asset fees which allowed users to pay nodes directly with custom tokens. After activating the Sponsored transactions the issuer of the token will make a deposit in WAVES, and this deposit will be used for paying for the node's service.

Waves Market Price

The Waves platform is up by 10.31% in the last 24 hours to a per unit price of $4.87 and a total market cap of $486.9 million. Today's rally is the latest move in a week-long uptrend that has seen the asset's market cap increase by roughly $50 million in just 8 days. Waves now occupies the 37th position on Coinmarket.com, just below Bitshares (BTS), Nano (NANO), and Steem (STEEM) - assets which are down 1.54%, $4.22% and 1.96%, respectively. 

Elsewhere in the market, Bitcoin, Ethereum, and Ripple continue to demonstrate flat performance with highly correlated price action. It is likely that buyer exhaustion will lead to another market-wide downtrend in the near-term. The total cryptocurrency market is now worth $342.9 billion with Bitcoin representing 32.8% of the total. 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.