Focus shifted from BTC this week as REN, Fantom (FTM), Everex (EVX) and OAC experienced gains upwards of 35 percent. Here’s what we know about the platforms on which they cryptocurrencies exist.
Market Cap: $8,757,678 USD
7-Day Price Increase: 36%
OAX experienced a 36% price increase, up to over $0.12 USD. OAX is trading on Binance and HitBTC.
Run by the OAX Foundation, this cryptocurrency operates on an open-source platform. It aims to bring the benefits of decentralization to a cryptocurrency exchange. In essence, most exchanges which control the exchange of decentralized currencies are themselves centralized. This is not true of OAX.
Market Cap: $14,300,000 USD
7-Day Price Increase: 64%
The Everex (EVX) token allows for a 50 percent fee reduction on the Everex platform. Similarly to high market cap cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), it is possible to deposit USD directly into EVX through its wallet.
More specifically, Everex is a platform with two capabilities: exchanging between fiat and crypto, and facilitating money transfers internationally. It also has its own stablecoin, not to be confused with the EVX utility token.
Market Cap: $47,592,455 USD
7-Day Price Increase: 40%
Self-labeled as the “nervous system for smart cities,” Fantom (FTM) operates on a DAG (decentralized database technology ) platform that aims to put payments and supply chain information on a blockchain.
The objective of DAG technology is to bring transparency to large-scale processes like paying for university, allow for better utility and resource management, and more–with transparency.
Market Cap: $92,200,00 USD
7-Day Price Increase: 35%
Ren’s goal is to provide liquidity between different blockchains. It also offers secrecy, though “zero-knowledge” transactions. Specifically, each transaction uses multiple miners so no one individual has access to all knowledge concerning a transaction.
The REN tokens, which exist within the REN ecosystem, are distributed to miners in exchange for verification. They’re expected to increase in value as platform use increases.
REN, FTM, EVX, & OAX: Crypto’s Biggest Price Moves of the Week
Other notable crypto movers this week include NXS, AION, NANO and PPT. Other higher market cryptocurrencies such as Basic Attention Token (BAT), Bitcoin Cash (BCH), Ethereum (ETH) and Dogecoin (DOGE) also experienced less significant price increases.
Overall, attention on last week’s cryptocurrency market shifted from Bitcoin to altcoins with a diverse list of applications.