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Massive increases in trading volume pushed the prices of XEM, REP, and DNT higher, even as the price of Bitcoin fell to a weekly low of $31,000.
Bitcoin (BTC) is about to end another week in which the price dropped closer to $30,000, but the same pessimistic assessment cannot be made for other cryptocurrencies. Several smaller-cap cryptocurrencies managed to stave off the negative onslaught and achieve double-digit gains before traditional markets closed for the weekend on Friday.
Data from TradingView shows that the top movers over the past 24 hours were NEM (XEM), Augur (REP) and district0x (DNT).
It’s worth noting that four of the top seven gainers are layer-one protocols, which is an interesting development at a time when Ether’s (ETH) price is struggling below $2,000 and the community is waiting with bated breath to see if the upcoming London hard fork improves Ether price and the network’s transaction process.
Data from TradingView shows that after a month where the average 24-hour trading volume for NEM was $50 million, demand for the token surged on July 16 as the volume increased to $532 million and the price rallied 35% to $0.151.
The uptick in price follows the July 13 announcement that Symbol (XYM), an enterprise blockchain protocol developed by the NEM group, had agreed to a collaborative project with the government of Colombia.
According to data from TradingView, REP price began to surge on July 13 after the 24-hour trading volume spiked from a daily average of $17 million to more than $521 million on July 14.
Because of the rapid rise in trading activity, the price of REP increased by 57 percent from a low of $14.60 on July 13 to an intraday high of $22.97 on July 16.
While there is no obvious reason for the sudden surge in interest, a quick scan through Augur’s Twitter feed reveals that predicting on the network is still active, with the most recent polls asking “Who would win the 2021 Major League Baseball Home-run Derby?” and “Who will win Connor McGregor vs. Dustin Poirier in the Ultimate Fighting Championship?”
Distric0x, a protocol that advertises itself as a “network of decentralised markets and communities” and specialises in assisting users in establishing their own decentralised autonomous organisations, was the third-largest gainer on July 16. (DAO).
Data from TradingView shows that DNT’s trading volume spiked from $3 million to more than $60 million on Friday, which led to a 73% rally from $0.112 to an intraday high at $0.193.
At the time of writing, the price of DNT has retraced to $0.133, representing a 17.35% gain for the day.