Here are 7 Cryptocurrencies that Outperformed Bitcoin in January
January’s market volatility points out at seven cryptocurrencies that have surprisingly outperformed Bitcoin.
The native token of Holochain project, termed at HOT, witnessed a 178% price rise, while Augur’s REP announced a monthly gain of 51.50%. This list was followed by Chainlink’s LINK that alleged a surge of 39% and then came Numeraire’s NMR with a gain of 35%. Tron’s TRX, Loopring’s LRC, and OAX’s token of the same name displayed gains in the range of 31-33% at the same time. Bitcoin, on the other hand, lost close to 10% of its value by January’s close. Experts in the field have however added that Bitcoin has still fared better than a majority of top ten cryptocurrencies.
Ethereum’s Ether, for instance, when down by 27.59% in a month. Even Bitcoin Cash, an anti-Bitcoin crypto project, failed to compensate its post-fork losses; it dropped up to 30% last month. Other than Tron, only Litecoin managed to post profits by 1.87% among the top ten coins.
1. HOT Cryptocurrency by Holochain
Holochain, the backer of the HOT token, has witnessed a tremendous price surge. Imagine a $100 investment in the HOT token will fetch you $1,780. Unbelievably amazing! Isn’t it? Since the beginning of 2019, HOT has reportedly witnessed a rise in the general cryptocurrency market trend. Weiss Cryptocurrency Ratings, a US-based independent asset rating agency, has declared HOT as one of the cryptocurrencies with the most positive outlook. Holochain has further confirmed that their trade volume rose by 381%, against Bitcoin and Ethereum as quoted assets.
Weiss further added that Holochain alongside EOS and Cardano for their potential to create internet 3.0.
“Most will eventually fail. But the potential prize is enormous,” it stated. “If the most advanced cryptocurrencies succeed in creating Internet 3.0 as proposed, they could someday be worth trillions of dollars in market cap.”
A recently undertaken project expects to receive more attention and HOT has been in the trading space since July 2018. In the long run, Holochain’s sustainability as a project is predicted to define HOT’s real value. February would see whether or not traders play more upside bets on the coin’s higher high formations. However, based on the historical price actions witnessed in various cryptocurrencies, HOT should correct actively to the downside.
2. REP Token by Augur
Next, to the top, the list is Augur’s REP token. Bulls noted that the REP token soon after the project launched Veil. The veil is a peer-to-peer prediction market and derivatives platform built on Ethereum mainnet. Then, the project got investment from 1Confirmation. 1Confirmation is a venture fund created by Nick Tomaino and backed by Marc Andreessen, Peter Thiel, and Mark Cuban.
In the first seven days of being released, followed by the 1Confirmation’s announcement, the REP/USD rate surged more than 100% – from 8.226 to as high as 20.644. But, unlike HOT/USD, a sharp downside correction was witnessed in the second half of January. This got its monthly gains to a halt as they touched 51.50%. As of now, REP is preparing new upside moves, courtesy the new found support area of around $10.974.
3. LINK Token by ChainLink
ChainLink had bravely survived the November 2018 crash and had built a steady upside momentum since. Hence, the company’s January performance does not surprise given its history. As compared to other cryptocurrencies, including Bitcoin, the LINK/USD rate surged and corrected organically than in a rush.
ChainLink develops tamper-proof inputs and outputs for smart contracts on any blockchain. The company works with Swift, a global messaging system for settling cross border payments, in their Smart Contract innovations. It has been rated as the leader of the smart contract development industry by Gartner.
The adoption of a strong business model explains why LINK, ChainLink’s native token, stayed strong despite the market-wide sell-offs. From a technical point of view, the LINK/USD has recently broken below their rising channel formation. However, a secure support area above 0.3583 is capping the pair’s downside attempts.
#4 NMR by Numeraire
Numeraire is yet another smart contract enabled tool that witnessed a surge of 35% this January. This rise was pure because of its underlying credentials. The project seemingly organizes weekly competitions among machine learning enthusiasts. And those with the best prediction models receive Bitcoin as rewards.
Currently, NMR acts like a staking and betting token for participants. Those who win, take home more NMR tokens. In this way, Numeraire is successfully creating a unique form of employment for data scientists.
The NMR/USD rate initially kicked off January while trading at 2.289 and closed the month at circa 3.236. The pair underwent a choppy price action but remained inside an ascending channel formation – similar to ChainLink. In the long term, the coin is predicted to pose itself as a safe hedge against Bitcoin’s bearish action.
#5 TRX by Tron
Tron is considered the most successful top-ten cryptocurrencies in January 2019 with a price surge of 33%. Due to favorable marketing, the cryptocurrency was also in positive through most of 2018. As per its blockchain explorer, Tron blockchain is posting more transactions than Ethereum now.
Some additional developers are adopting Tron as a blockchain to develop their dapps. This transition is major because Tron offers faster transaction confirmations and no fees. Tron has even acquired BitTorrent, a widely popular file-sharing platform. The project later declared that it would airdrop BitTorrent’s BTT tokens among TRX holders. Hence, traders ignored selling their TRX holdings throughout January.
The TRX/USD rate trended inside a symmetrical triangle pattern. So analysts stayed clueless as to where it would head the next.
#6 Airdrop Token by OAX
OAX is a decentralized digital asset exchange. This exchange has been distributing its tokens for free among the participants during the first half of January 2019. The airdrop was concluded on January 15, after which OAX/USD experienced a surge from 0.091 to 0.23 in only six days. This was a rise of almost 60%. But, a correction ensured that wiped 52% of OAX value against the dollar by the end of January.
#7 LRC Token by Loopring
Loopring is a protocol for decentralized crypto exchange. It has claimed a 33.34% surge in the value of its native LRC token. But, like OAX, the LRC/USD bullish sentiment exhausted near a post-pump peak point. The pair has apparently established a monthly high at 0.1104 before dropping to as low as 0.0532 in a bearish correction.
Whatever the case may be, Loopring is maintaining a stable support area at 0.0376-0.0323. The levels have been witnessing an increasing bullish sentiment, which is why traders are likely to play their short trades towards them before beginning the next bull wave.