The previous week has been extremely bullish for the cryptocurrency market, as many altcoins rallied as much as 30-50% and Bitcoin retook $7,200.
However, over the past day, the market has undergone a reasonable period of consolidation. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently down 0.55% while Bitcoin is up slightly to $7,253.
Despite the period of consolidation, Holo (HOT), a blockchain platform that can be used to build decentralized applications (dApps) on scalable sidechains, has continued its upward movement and is currently up 33% over the last 24 hours. While it is not entirely clear why the altcoin is surging, Holo was recently listed on Binance, the world’s most popular cryptocurrency exchange.
Since its Binance listing, Holo has enjoyed significantly higher trading volume, with $18 million traded over the last 24 hours on Binance alone. Given that the project hasn’t released any significant news over the past week, this could be the outcome of its exposure to more investors on the Binance platform.
Interestingly, some Redditors on the Holo subreddit claim that the current price action is the result of bot trading activity. However, it is difficult to determine whether or not the actual gains were the direct result of these bots.
Holo is currently up 79% over the last 7 days and is trading at a three-month high with a $156 million market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.