Market Survivor Game: Which Coins Showed Strength After the Correction?
The markets are roaring back upwards, and this time, coins are showing their quality.
After one of the deep corrections, coins start moving on separate tracks. The early February shakedown, where markets came down nearly 70% in a week, is also a time to count the quality coins, where the losses were not as steep, and the recovery remains robust. The BTC market price has grown more than 20%, recovering to $7445.45.
At the moment, NEO is the biggest climber on CoinMarketCap, with a 50% gain in the past 24 hours. Just like that, in only a day, NEO has returned to "the new normal" levels above $100, though still far from the peak at nearly $200.
The market risk for NEO is a bit different compared to other coins, due to exposure to the Asian markets, as well as the support of the Chinese Internet.
The recent market crash, however, may turn out to be a normal event for the world of cryptocurrencies. While prices are crashing, projects are forging along, with plans for expansion and product releases. So it may be quite early to speak of "the death of crypto", as the sector is still working out on fundamental technologies, and gaining new investors in both the good times and the bad.
The other big gainer in the top 10 was NEM (XEM), which fell rapidly after the CoinCheck theft, but went on to recover by more than 43% in a day.
NEM, however, will have more ground to cover to climb back to its previous peak levels.
The most prominent examples of overheated coins, Verge (XVG) and TRON (TRX) had a comparatively modest recovery, and stand at much lower prices compared to their peak. While more stable coins are around 30 to 50% from the peak, the overheated ones are down roughly 70% from the December spikes.
The Crypto World is Alright
Despite the negative messages and threats of bans in mainstream media, the crypto world remains rather robust. Even in the "Bitcoin ice age" between 2014 and 2017, growth still happened, both in terms of technology and price growth. Price drops have not managed to stem the innovation and distribution of coins.