The COBINHOOD token ‘COB’ has been reported across various sources such as CoinMarketCap as having appreciated significantly over the past 10-12 hours at the time of writing, when compared to the same trading values from the previous 24 hours.
Current token value stands at $0.024001, a reported 6.81% increase in average trading price compared to the previous 24hrs.
The highest price seen so far has been at 23:04:07 PM (UTC), where the coin rose to 0.027935 USD value from a low of 0.021245 at 17:34pm of the same day: a +31% growth. For comparison the token traded at 0.021275 USD 23:04PM the previous day.
Market cap of COB has seen the greatest change over this time, increasing by +27%: from 17:34 to 23:04, from $8,170,639 all the way up to $10,743,415 in a matter of a handful of hours.
Primary reasons behind this occurrence remain unconfirmed, however there is some activity which coincides with these events. Minor news includes the launch of a ‘testnet’ for the COBINHOOD decentralized exchange entitled DEXON, alongside official announcement of support for the forthcoming Bitcoin Cash hard fork.
Against the Grain: Market Downturn
The market overall in comparison has been facing a large-scale downturn – in with many of the highest ranked cryptocurrencies sitting in a descent of value.
Out of the top ten out of CoinMarketCap’s ‘top 100 cryptocurrencies by market capitalization’ listings, nine are in the red, with Ripple rising curiously above the crop (whilst no-where near at the same scale of growth as COB).
Top performers at present include DASH which has enjoyed continued patterns of steep bullish growth prior to slow and spiky bearish deprecation – though at present sits tentatively in the green at +0.24%.
Other examples of defiance to the bear market include: NEM (XEM) (24hr token value growth of 24.22%), Zcash (ZEC) (24hr token growth of 7%), and Chainlink (24 hr token growth of 13.13%). All coins recommended for further investigation and evaluation.
In comparison, the top two, Bitcoin and Ethereum, are both in the red between 0% and -1%.
Featured image from Shutterstock.