The start of the new year has undoubtedly been a wild ride for cryptocurrency investors, with Bitcoin’s price hitting fresh lows of just below $6,000. While the Wall Street talking heads might have you believe the sky is falling, we’ve actually seen a fairly healthy correction back to Nov. 2017 price levels.
Prices have since rebounded from earlier this week following the Senate Banking Committee hearing testimony from the chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, on the current state of crypto affairs. While some thought that the U.S. would follow suit with crackdowns similar to China and South Korea, the overall outlook from the testimony was exceptionally upbeat.
Here’s a more bullish snippet from the testimony:
We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike
While most of the market has taken a bath over the last week, certain coins have performed fairly well, including Bitcoin Cash. Here are some of the other notable (non-pump-and-dump) gainers over the last 7 days:
ENT CASH (+137%)
Description: ENT Cash is the first global entertainment platform based on blockchain technology.
Experience Points (+70.62%)
Description: XP is a rewards incentive and digital currency combined to a single blockchain designed to reward gamers, students, people positively contributing to society and providing a universal high street currency.
Description: Decentralized venture capital firm built on the Ethereum blockchain.
Description: First Trustworthy Review Platform, Built With Blockchain Technology.
Description: A dedicated token to bring eSports to everyone
Description: The world’s first decentralized affiliate platform
Description: The world’s first global and decentralized car history registry built on blockchain.
Description: Transfer money instantly around the globe with nothing more than a phone number. Earn rewards every time you spend or make a purchase.
Description: Privacy oriented digital currency with Masternodes implemented
Description: Browse, chat and make payments securely on the decentralized web.
As you can see, a lot of newly launched projects have significantly outperformed the market this past week. Interestingly, a lot of these charts look like they might have formed convincing bottoms. We’ll have to see how things pan out next week.
Visit us again next Friday to check out which coins make the list of top gainers.