Despite the bearish trend currently witnessed in the crypto market, some cryptocurrencies have made commendable gains. However, most of the digital assets are range-bound, trying to correct higher but in vain. To compound the situation, the regulatory pressure is mounting, as evidenced by the Financial Services Agencies (FSA) in Japan. Two days ago, FSA recognized the effort of the 16-member crypto exchanges self-regulatory body.
This means that FSA now has the mandate to regulate crypto exchange companies in Japan. On the same vein, the Spanish Regulatory Authorities have embarked on forcing residents to reveal their cryptocurrency investments. In spite of all this, the cryptocurrency market cap hovers around $208 billion US dollars, at the time of writing. Largely, the market is still confined to a bearish trend.
Rays of hope
Among the few digital assets that recorded commendable gains amidst the bearish mode is the VeChain. Two days ago, it was reported that the cryptocurrency headed for bigger gains as its community continues to widen up. It had witnessed a 5.98% growth in the last 24 hours. Currently trading at $0.011274 USD at the time of writing, VeChain equally maintained a bullish trend that saw it hit $0.0122.
Know the Crypto
VeChain has a market capitalization of $625 million USD. As of this writing, it’s in number 20 according to CoinMarketCap. On Wednesday (October 24), VeChain traded more than $23 million USD, with the bulk of its trading on Binance exchange where VET/BTC commanded more than 40% of the trading volume. On the same exchange, VET/USD controlled 17.14%.
With the witnessed bullish trend, VeChain is on the verge of a breakout. But how did VeChain arrive here? Several activities on the platform have led to the most recent price increase. To begin with, the OceanEX crypto exchange going live was a big boost for the asset. This is because the trading platform runs exclusively on VeChainThor technology. This makes it a worthy competitor in the industry. While the project is still work in progress with a planned beta testing, the initial release got many people excited.
When the crypto market goes green, the bulls take back the control of the coins with smaller market cap compared to Bitcoin. Siacoin is among the cryptocurrencies that recorded commendable gains amidst the raging bearish trend. On Monday 22, the coin commanded a nice SC/USD surge, which stayed above the support at $0.006859. The price went above 61.8% FIB level that saw the asset witness a final swing of $0.007657 and $0.006859 for high and low respectively.
How did SC arrive here?
For the past 7 days, Siacoin is one of the altcoins to keep an eye on, being its steady rise by almost 12 percent. For instance, according to a tweet from Bittrex, the crypto trading platform will be listing SC/USD on their platform. The tweet said:
“On October 29 we’re launching a US dollar (USD) market for Siacoin (SC). Eligible #Bittrex accounts created before October 1 are already enabled for USD trading.”
Based on its recent performance in the market, the price of Siacoin could go up substantially in the near future.
Disclaimer: This article is not an express trading or investment guide. Cryptocurrencies are volatile and therefore consult a financial expert before you invest.