Mid-week and markets have turned red once again as Asia leads the selloff. Bitcoin is leading the rout by sliding 4% on the day, and we are returning to the patterns witnessed in the second half of last year when all altcoins simply follow the lead of their big brother. The entire top 25 is in the red with just one cryptocurrency showing green during the morning trading session in Asia, and that is VeChain.
According to Coinmarketcap VEN is trading 3.5% higher on the day when all other altcoins have lost value. From $4.56 this time yesterday the token is up to $4.75 today, not a great deal but significant in that it is the only one higher than yesterday at the moment. VeChain has had a very good month climbing over 28% with a high of $7 on Feb 20. The three month chart looks even better as it has made an impressive 850% gain from $0.50 back in early December.
The cryptocurrency was hit with a wave of FUD a few days ago when rumours spread about large orders of VEN being put out to keep prices low. The resultant dip took prices down to $4.30 before VeChain CEO Sunny Lu stated that the VeChain Foundation did not sell any VENs to the open market and had no intention of doing so. This has caused the price rebound and is why VEN is the only token performing well today.
Binance leads the way with VEN trading at over 60% of the total volume which stands at $118 million over the past 24 hours. Market capacity is $2.2 billion which ranks this altcoin at 16th. There are 873 million in total supply with 475 million of those circulating.
There are no other altcoins in the top 25 climbing this morning in Asia, all have fallen between 3% and 8%. Outside the top 25 Waltonchain deserves a mention as it is up 18% today.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.