Searching for any correlation between cryptos and securities listed on stock exchanges can be a complex thing. Even Bitcoin and altcoins can have contrasting price trajectories on any given day. This is why cryptos cannot be said to have a perfect correlation with the stock market.
At the time of writing, Bitcoin (BTC) is up only marginally. In contrast to this, a few cryptoassets have even doubled over the past 24 hours. However, most of these crypto gainers have quite low market caps and trading volumes. Let’s explore two cryptos, which are gaining today and have high 24-hour trading volume.
1. Steem Dollars (SBD)
Steem Dollars is linked to Steem, a blockchain network. The Steem network is primarily for social apps that rely on a large number of users.
Steem claims to be rewarding content creators at a time when usually it is the shareholders of tech companies. that mostly make money. Steem allows to build applications where content creators earn rewards in cryptos. An app named Steemit is already using Steem’s blockchain. The blockchain is said to be faster than Ethereum and Bitcoin.
The SBD token is one of the digital assets of Steem blockchain. In its whitepaper, the project has titled SBD as an “experimental asset”. SBD is trading at a price of nearly US$4.5, as of writing. It is up over 50% over the past one day. The 24-hour trading volume is nearly US$500 million, up almost 25,000%, according to CoinMarketCap.
On a year-to-date (YTD) basis, the Steem Dollars crypto is trading at a loss.
Also read: 3 cheap cryptos to keep tabs on in second half of 2022
2. Plutonians (PLD)
A metaverse project, Plutonians claims to be a gaming venture on Solana’s network, with features like a native token and NFTs.
Its native token is PLD, which is not a high ranking cryptoasset as of now. The 24-hour trading volume of the PLD token is over US$18 million, as of writing. The price of PLD is also up over 100%. It trades at nearly US$0.5 per token. Plutonians is a new cryptoasset and hence it’s long-term price movement is not available at the moment.
Data provided by CoinMarketCap.com
The above two tokens have risen sharply over the past 24 hours, with a huge spike in their trading volumes. On the other hand, Bitcoin rose only slightly during this period. Predicting the prices of the two altcoins can be speculative as cryptos have a notorious history of wild fluctuations. How Steem’s blockchain and Plutonians’ gaming venture perform in the long term might shape these tokens’ prices in the long term.
Also read: ‘Carbon-free’ WAX (WAXP) crypto up 12% even as Bitcoin is losing value
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