Though we are in the midst of a 10-month long bear market in the cryptocurrency space, we witnessed double digit percent rises in a multitude of cryptos on October 17, 2018.
At the time of writing, leading cryptos such as Bitcoin (BTC) and Ethereum (ETH) have maintained a stable price with fluctuations of just plus or minus 1%, while other cryptos such as Basic Attention Token (BAT), 0X (ZRX), Request Network (REQ), and Qtum (QTUM) have seen double-digit gains.
We analyze why the altcoins mentioned above have seen recent price pumps, and discuss the future implications of this news and rise in price.
0x (ZRX) — 30% Gain
The largest percentage gain on October 17 came from 0x (ZRX).
At the time of writing, 0x saw a massive gain of 30% from its 24-hour low of $0.74 to its high of $1.07 in a matter of hours. This substantial gain comes in the wake of the cryptocurrency being listed on Coinbase, one of the most popular cryptocurrency exchanges in the world.
Basic Attention Token (BAT) — 14% Gain
Another crypto with substantial gains on October 17 was Basic Attention Token (BAT).
At the time of writing, BAT surged from a 24-hour low of $0.18 to a high of $0.21 in less than 12 hours, marking a substantial gain of 14%. The price rise is likely due to the speculation that BAT may soon be listed on Coinbase, just as 0x was listed and saw massive pump in price.
Qtum (QTUM) — 11% Gain
While 0x and BAT saw a rise in price due to the hype around Coinbase listings, the cryptocurrency known as QTUM saw a rise in price on October 17 due to other reasons.
QTUM has partnered with the Amazon Web Services (AWS) China division. This partnership is to develop Blockchain-as-a-Service (BaaS) solutions for enterprises and developers. In light of this announcement, Qtum surged from $3.62 up to a high of $4.08, which is a gain of over 11%.
Request Network (REQ) — 14% Gain
Yet another notable price rise was by a prominent cryptocurrency, REQ.
REQ saw a rise in price of 14%, from a 24-hour low of $0.0546 to a high of $0.0634. This recent price rise came as a surprise to the community as there wasn’t any significant news or developments from the project.
However, on October 16, Request Network posted a project update with news of 2 new partnerships, which could be the reason for the bullish price movement.
The partnerships are with:
- the Delta Direct Platform, a platform dedicated to educating cryptocurrency enthusiasts on the teams and projects of various cryptos.
- the CoinGecko Beam Platform to better spread information and news regarding Request Network developments.
Final Thoughts
In sum, though the overall cryptocurrency market has been rather bearish over the past 10 months, the price movements of the above altcoins shows us that there are still gains to be made in the market.
The altcoins mentioned above continue to develop and move forward at a steady pace, hence their recent price movements to the upside. We will be keeping a close eye on these projects as their developments and price action may signal good things to come.
