- Golem and Komodo lead the market cap top hundred with 42% and 32.5% gains respectively.
- Small-caps fared well on Wednesday, with five of market’s eleven top gainers coming from below 90th place.
- Alt-season impending? Too soon to say.
Small-cap altcoins are on the charge, as Komodo (KMD) and Golem (GNT) exceeded 30% growth leading into the morning.
Five out of the eleven top gainers in the market cap top hundred were ranked below 90th place on Wednesday. But are Komodo and Golem’s gains the start of a new alt season? Or are the morning’s pumps an example of the market seeking equilibrium after a two year descent?
Komodo (KMD) Gains 32.5% Overnight
Komodo gained 32.5% leading into Wednesday morning, as the KMD coin price jumped from $0.603449 up to $0.799577.
That was enough to send Komodo up among the market cap top fifty, where it’s currently valued at $89 million.
CoinMarketCap reports a trade influx of 221% overnight, with daily volume jumping from $2.3 to $7.4 million.
If we look at the same figures with wash trading removed, we see Komodo processed around $0.5 million worth of trades on the day. That’s up 66% from yesterday, according to the crypto data collectors at Nomics.
Golem (GNT) Surges 42%
Golem’s surge peaked at 1pm (UTC time) on Wednesday, as the coin price climbed from $0.032051 up to $0.045593.
That marked 42% growth for Golem, returning it to the market cap top hundred, where it currently sits in 92nd place.
CoinMarketCap reports daily volume jumping from $1.1 to $11 million – a 633% increase. Again, a more conservative estimate from Nomics places transparent volume closer to $4.7 million. That figure jumps 30% if we include volume from data sources ranked ‘Fair’ by Nomics.
The bulk of Golem’s volume came from Binance alone on the day. Just over $3.6 million passed through Binance’s GNT/BTC pair.
What’s Behind the Pumps?
On Wednesday morning the Komodo team released a progress report that appears to bode well for its ongoing development. Github statistics show an increase in the number of repositories created on the site.
Meanwhile the number of issues closed on the site nearly doubled over the course of the previous quarter. The total number of Github commits jumped from 1 per month in October, to 28 per month in December.
The Golem team was also active in the past 24 hours, engaging with community members on a Reddit AMA.
Neither coin can point to an obvious catalyst for the morning’s pump. And the fact that the market’s most prominent gainers were small-caps isn’t necessarily the sign of an incoming alt season.
Disclaimer: The above should not be considered trading advice from CCN.com.
Last modified: September 23, 2020 1:31 PM